India’s Adani Group is still planning to build a 3 million ton/year renewable hydrogen plant in Gujarat. Despite the suspension of its partnership by TotalEnergies, according to CFO Robbie Singh in a recent call to analysts, the transcript of which was published on August 11. The mining logistics conglomerate has committed $70 billion to its new energy strategy for 2021.
Renewable hydrogen hub in Gujarat: Adani’s strategic expansion plans
In 2022, TotalEnergies agreed to buy a 25% stake in subsidiary Adani New Industries, but put the acquisition on hold on February 8.
“Investment plans don’t change for an asset like green hydrogen,” said Singh, adding that the plant would be a “full three million ton facility [at a cost of around] $50 billion, as we’ve described [auparavant]… so that plan continues to move forward as it is. ”
“The $300-$400 million investment in the project this year will grow rapidly in 2024 and 2025,” said Singh.
Adani’s hydrogen capacity in the state of Gujarat was an important part of a hub with upstream and downstream operations, according to a presentation at the group’s annual general meeting on July 18.
“The renewable hydrogen will be used in the Mundra Special Economic Zone, focused on ammonia and urea users, and will be transported by pipeline,” he said.
Singh said integration was continuing, with silicon ingot and solar wafer manufacturing under development, and a wind technology facility moving into commercial production.
For an integrated cell plant, “all the technology agreements are in place, and we expect to start development and construction work towards the end of this quarter or early in the third quarter”, he said.
The renewable hydrogen project, however, “didn’t depend on this equity because we’re going ahead with the project as it is and at the same pace,” he said.
