Energy giant TotalEnergies (TTEF) intends to acquire a 25% stake in India’s Adani New Industries Ltd, as part of an agreement with Adani Enterprises Ltd over the development of the world’s largest green hydrogen ecosystem.
Adani New Industries Ltd intends to invest $50 billion during the next 10 years in green hydrogen and associated ecosystem. During the initial phase, the company aims to develop green hydrogen production capacity of 1 million tonnes annually by 2030.
According to TotalEnergies’ Chief Executive Officer Patrick Pouyanne, the stake in Adani New Industries “is a major milestone in implementing our low-carbon hydrogen strategy.”
There already is an existing partnership between TotalEnergies and Adani Group, focused on establishing liquefied natural gas terminals, gas utilities and renewable energy business in India.
The Asian country has announced incentive schemes for companies that invest in developing clean energy projects on its soil.
“Our confidence in our ability to produce the world’s least expensive electron is what will drive our ability to produce the world’s least expensive green hydrogen. This partnership will open up a number of exciting downstream pathways,” billionaire Gautam Adani was quoted as saying by Reuters.