TotalEnergies will buy 25% stake in Adani New Industries.

Paris:

French energy giant Total Energies will acquire 25 per cent stake in Adani Group's green hydrogen venture.

The company gave this information on Tuesday.

The Adani Group said in a statement that it has entered into a new partnership with a French firm to jointly build the world's largest green hydrogen ecosystem.

"In this strategic tie-up, Total Energy will acquire 25 per cent minority stake in Adani New Industries Ltd (ANIL) from Adani Enterprises Ltd (AEL)," the statement said.

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Gautam Adani tweeted, "In our journey to become the world's biggest Green H2 player, partnership with @TotalEnergies will fundamentally shape market demand.

Our ability to produce the world's least expensive electron will allow us to produce the world's least expensive green H2.

In our journey to be the world's largest Green H2 player, the partnership with @TotalEnergies will fundamentally shape market demand.

Our ability to produce the world's least expensive electron will lead to us producing the world's least expensive Green H2.

pic.twitter.com/ZfwjVuxXJH

— Gautam Adani (@gautam_adani) June 14, 2022

ANIL's ambition is to invest more than $50 billion in green hydrogen and related ecosystems over the next 10 years.

In the initial phase, ANIL will develop green hydrogen production capacity of one million tonnes per annum before 2030.

TotalEnergies is one of the world's largest oil and gas producers.

Total Energies said that in the initial phase, Adani New Industries plans to develop green hydrogen production capacity of one million metric tonnes per year by 2030.

"Total Energy's entry into ANIL is a major milestone in implementing our low-carbon hydrogen strategy," said Patrick Payne, President and CEO.


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