Adani partners with French giant TotalEnergies to produce green hydrogen

Billionaire Gautam Adani's logistics-to-energy conglomerate has roped in French supermajor TotalEnergies as a partner for its green hydrogen production venture that will see an investment of $50 billion over the next 10 years in producing the carbon-free fuel.

TotalEnergies will acquire 25 percent shareholding in Adani New Industries Ltd (ANIL) -- the firm that houses Adani Group's new energy business -- for around $12.5 billion, as per reports.

ANIL will be the exclusive platform of Adani Enterprises and TotalEnergies for the production and commercialization of green hydrogen in India. Adani group statement said the partnership, centered on green hydrogen, is expected to transform the energy landscape both in India and globally.

Adani had in November last year stated that his group will invest $70 billion in the new energy space of the next decade. This included Adani Green Energy Ltd (AGEL), the world's largest solar power developer, investing $20 billion to develop a 2 GW per year solar module manufacturing capacity by 2022-23.

Hydrogen is a clean fuel that, when consumed in a fuel cell, produces only water. Hydrogen can be produced from a variety of resources, such as natural gas, nuclear power, biomass, and renewable power like solar and wind.

Green hydrogen is produced when it is split from water using electricity produced from renewable sources as solar or wind.