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Adani Group puts green hydrogen project on hold; to resume after 2026

In June 2022, Adani's logistics-to-energy conglomerate had roped in French supermajor TotalEnergies as a partner for its venture
Last Updated 05 June 2023, 15:47 IST

Adani Group's green hydrogen project has taken a hit amid the Hindenburg Research report on the conglomerate of accounting fraud and stock manipulations.

According to an Economic Times report, the company has halted its push for green hydrogen ecosystem in the country, and will resume the project after 2026.

The group even claimed that the project could be taken up after as far as 2028 as there will mostly be no capex allocation for the green energy in FY25.

Speaking to the publication, Robbie Singh, Chief Financial Officer of Adani Enterprises, said, “Green hydrogen plants, as indicated, remain on afoot. We expect the capex to start ramping up from about the financial year 2025, but really from about the financial year 2026, as we have indicated before.”

In June 2022, Adani's logistics-to-energy conglomerate had roped in French supermajor TotalEnergies as a partner for its green hydrogen production venture for producing the carbon-free fuel.

In January the same year, Adani Group had set up a new subsidiary, ANIL, to undertake the green hydrogen projects, generation of low carbon electricity and manufacture of wind turbines, solar modules and batteries in hopes of becoming the world's largest renewable energy company and produce the cheapest hydrogen.

Adani had in November 2021 had 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.

The report also stated that the company wishes to develop an integrated manufacturing facility between FY23 and FY25, in order to curb the input cost of green hydrogen - which includes certifications, pre-engineering works for the facility, and testing renewable-based electrolysers at the Mundra Green Hydrogen Hub in Gujarat.

The project had taken a hit as a significant amount from the Group's Rs 20,000-crore FPO, which was called following the short-seller's scathing report of the group, was meant to be used to fund the project.

(With inputs from PTI)

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(Published 05 June 2023, 11:17 IST)

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