Thursday, October 6, 2022

Going green: TotalEnergies teams up with India’s Adani to form world-class green hydrogen company

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TotalEnergies has entered into an agreement with Adani Enterprises Limited (AEL) to acquire 25% interest in Adani New Industries Limited (ANIL) to be the exclusive platform for the production and commercialisation of green hydrogen in India.

TotalEnergies announced that ANIL will target the production of one million metric tons of green hydrogen per annum (Mtpa) by 2030, bolstered by some 30 gigawatts (GW) of new renewable power generation capacity, as its first milestone.

ANIL intends to develop a project to produce 1.3 Mtpa of urea derived from green hydrogen for the Indian domestic market, as a substitution for current urea imports and will invest around US$5 billion in a 2-gigawatt (GW) electrolyser fed by renewable power from a 4 GW solar and wind farm.

This, TotalEnergies said, will be done to control green hydrogen production costs.

Patrick Pouyanné, Chairman and Chief Executive Officer of TotalEnergies, said: “TotalEnergies’ entry into ANIL is a major milestone in implementing our low carbon hydrogen strategy, where we want not only to decarbonise the hydrogen used in our European refineries by 2030, but also to pioneer the mass production of green hydrogen to meet demand, as the market will take off by the end of this decade.”

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Pouyanné added that ANIL’s future production capacity of 1 Mtpa of green hydrogen will be a major step in increasing TotalEnergies’ share of new decarbonised molecules – including biofuels, biogas, hydrogen, and e-fuels – to 25% of its energy production and sales by 2050.

Adani Group Chairman, Gautam Adani also commented that “The strategic value of the Adani-TotalEnergies relationship is immense at both the business level and the ambition level. In our journey to become the largest green hydrogen player in the world, the partnership with TotalEnergies adds several dimensions.”

“This is why I find the continued extension of our partnership to hold such great value. 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,” Adani noted further.

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Adani Group is an Indian multinational conglomerate, headquartered in Ahmedabad. It was founded by Gautam Adani in 1988 as a commodity trading business, with the flagship company Adani Enterprises.

Both entities have been strategic partners for years.

In 2018, TotalEnergies and Adani Group embarked on an energy partnership with the development of a joint LNG business – from regas terminals to liquefied natural gas (LNG) marketing – and an investment by TotalEnergies in Adani Total Gas Limited, a city gas distribution business.

Then, in 2020, TotalEnergies and Adani Group deepened their relationship with the acquisition by TotalEnergies of a 20% minority interest in Adani Green Energy Limited (AGEL), then the largest solar developer in the world.

Total currently has a 35% working interest in Guyana’s offshore Canje block alongside JHI Associates, Inc. (17.5%), Mid-Atlantic Oil & Gas, Inc. (12.5%), and operator ExxonMobil (35%).

It also has 25% stake in the Kanuku block, which is also partly owned by Tullow (37.5%) and the operator, Repsol (37.5%).

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