Billionaire industrialist Gautam Adani is set to forge ahead on India’s ambitious green hydrogen project without a partnership with TotalEnergies SE, a recent report by Bloomberg News has suggested. TotalEnergies, a French energy giant and a significant foreign investor in the Adani Group, had earlier indicated a halt in its participation in the $50 billion hydrogen initiative due to concerns raised by Hindenburg Research. However, despite this setback, Adani Enterprises Ltd’s CFO, Jugeshinder Singh, assured investors that the company is not reliant on Total’s equity for the project’s advancement.
As part of their collaboration, Adani New Industries Ltd (ANIL) was intended to share its insights into the Indian market and operational capabilities, while TotalEnergies was expected to leverage its global market expertise. The collaboration aimed to establish a substantial green hydrogen manufacturing capacity of 2.5 million metric tonnes per annum (mmtpa) over a decade, with an initial phase of 1.0 mmtpa planned for commissioning by 2030.
Gautam Adani’s commitment to the project remains steadfast, as the group aims to create an integrated facility encompassing wind turbine and solar module manufacturing plants alongside renewable energy generation capacity. Adani Enterprises is set to invest approximately $300 million in the hydrogen business this fiscal year, with plans for increased capital investment in the coming years.
Despite the absence of TotalEnergies, Adani’s vision for the green hydrogen venture endures. The conglomerate plans to manufacture green hydrogen and related products at its Khavda and Mundra SEZ facilities. The project, which focuses on alkaline and PEM electrolysis processes, intends to produce 2.5 million tonnes of green hydrogen annually by FY31.
While TotalEnergies’ involvement may have evolved, Adani’s resolve to propel India’s green hydrogen ambitions forward remains unwavering. The project’s success will be a testament to the Adani Group’s commitment to sustainable innovation and its determination to shape a cleaner and more eco-friendly energy landscape in India.
