The French utility TotalEnergies has signed an agreement with the Indian conglomerate Adani Group to acquire a 25% interest in Adani New Industries Ltd (ANIL), a platform for the production and commercialisation of green hydrogen in India. As its first milestone, ANIL will target a production of 1 Mt/year of green hydrogen by 2030, supported by around 30 GW of new renewable power generation capacity. ANIL also intends to invest around US$5bn in a 2 GW electrolyser fed by renewable electricity from a 4 GW solar and wind park.
Adani and TotalEnergies’ partnership dates back to 2018 with the development of a joint LNG business and an investment by TotalEnergies in Adani Total Gas (gas distribution). In 2020, TotalEnergies acquired a 20% interest in Adani Green Energy Ltd (AGEL), for a total investment of US$2.5bn.
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