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TotalEnergies halts plans for H2 projects with Adani

  • Mercados: Hydrogen
  • 08/02/23

TotalEnergies has put plans on hold to jointly develop renewable hydrogen projects with Indian conglomerate Adani, which is facing allegations of market manipulation and accounting fraud.

Hydrogen projects discussed between the two companies will "obviously" be put on hold until there is more clarity, TotalEnergies chief executive Patrick Pouyanne said today.

TotalEnergies had last year announced plans to buy a stake in Adani's green energy arm Adani New Industries (Anil), with a view to jointly producing 1mn t/yr of green hydrogen by 2030. But share prices of Adani's group companies have collapsed recently after US investment firm Hindenburg research published its allegations against the company. Adani denies the allegations and has threatened to take legal action against Hindenburg.

Adani earlier this month cancelled a 200bn rupee ($2.4bn) share sale that would have raised around $620mn earmarked to fund its green hydrogen plans, in what presents a setback to India's ambitions in the sector. Anil had in January laid out plans to build 3mn t/yr of green hydrogen capacity over 10 years, with planned investment of $50bn in the sector. Its contribution could account for a large chunk of the 5mn t/yr of green hydrogen production that the Indian government is targeting by 2030.


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