TotalEnergies Acquires 25% Interest in Adani New Industries

By Maitane Sardon

TotalEnergies SE said Tuesday that it has acquired a 25% interest in Adani New Industries Ltd., the incubator of Indian multinational conglomerate Adani Enterprises Ltd.

Adani New Industries will be the exclusive platform of Adani and TotalEnergies for the production and commercialization of green hydrogen in India, the French oil-and-gas company said.

Adani New Industries will target production of 1 million metric tons of green hydrogen a year by 2030. It also intends to develop a project to produce 1.3 metric tons of urea derived from green hydrogen a year for the Indian domestic market, with an investment of around $5 billion in a 2-gigawatt electrolyzer fed by renewable power, TotalEnergies said.

"This future production capacity of 1 mtpa of green hydrogen will be a major step in increasing TotalEnergies' share of new decarbonized molecules--including biofuels, biogas, hydrogen, and e-fuels--to 25% of its energy production and sales by 2050," Patrick Pouyanne, chairman and chief executive officer of TotalEnergies, said.

Write to Maitane Sardon at [e-mail]

(END) Dow Jones Newswires

June 14, 2022 01:46 ET (05:46 GMT)

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