With this investment, the strategic alliance between the Adani Group and TotalEnergies now covers LNG terminals, the gas utility business, renewables business and green hydrogen production
According to an official release from Adani Enterprises Ltd (AEL), TotalEnergies will acquire a 25% minority ownership in Adani New Industries Ltd (ANIL) as part of this strategic partnership.
ANIL has proposed investing more than $50 billion in green hydrogen and its associated ecosystems over the next ten years, with a 1 million tonne per year green hydrogen production capacity developed in the first phase by 2030.
“The strategic significance of the Adani-TotalEnergies alliance is significant at both the business and ambition levels,” Adani Group chairman Gautam Adani said.
Gujarat is becoming a major producer of hydrogen.
According to sources, the Adani Group has planned to invest more than 70% of its energy vertical’s allocated capex on clean and energy-efficient technology. The corporation is looking into using hydrogen in a number of projects, including a projected steel complex in Kutch with South Korean steelmaker POSCO.
Hydrogen can be grey, blue, or green, depending on its creation processes. Green hydrogen is produced by electrolysis using electricity generated from renewable sources such as solar and wind. It is one of the cleanest forms of energy.
Scientists consider hydrogen to be the “future fuel,” and Gujarat is quickly becoming India’s green hydrogen hub.
Green hydrogen mobility, green methanol, energy storage, and green ammonia are among the five pilot projects now being implemented by NTPC.
As part of its investment promotion activities for the Vibrant Gujarat Summit 2022, Reliance Industries Ltd signed an MoU worth 5.95 lakh crore with the Gujarat government earlier this year.
“To make Gujarat carbon-free and net-zero, RIL wants to invest Rs 5 lakh crore in the state over the next 10-15 years to build a 100-GW renewable energy power plant and construct a green hydrogen ecosystem,” the firm said in a statement.
Meanwhile, the Centre has set a goal of reducing the cost of green hydrogen from $4 per kilogramme to $1 per kilogramme by 2030, according to an official.