Latest News | Adani Group Ties with Snam for Energy Mix Transition

New Delhi, Nov 6 (PTI) Adani Group on Friday announced strategic collaboration with Snam, Europe's leading gas infrastructure company, for setting up a CNG compressors manufacturing facility as well as investing in transition energy mix such as hydrogen.

"As part of the strategic partnership, Adani Group and Snam intend to explore several opportunities in the energy space, where each Group brings complementary capabilities to the table," the company said in a statement.

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Both Adani Group and Snam have a strong interest in exploring the promise of green hydrogen. "While Snam has been a strong proponent of hydrogen adoption in Europe, green hydrogen is a natural extension to the Adani Group's ambitious renewable portfolio," it said.

A non-binding agreement has been signed between Snam and Adani Gas Ltd to create a joint venture for setting up a CNG compressors manufacturing facility in India.

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"This would help in promoting the development of refuelling infrastructure for sustainable mobility and fostering the use of natural gas, as envisioned by the Government of India," the statement said.

The collaboration, an integral part of the virtual summit between Prime Minister Narendra Modi and Italian Prime Minister Giuseppe Conte, would envisage exploration of the hydrogen value chain in India and global markets.

It will also look at the development of biogas, biomethane, and low-carbon mobility.

Adani Group Chairman Gautam Adani, said, "In line with India's target of 450 GW of renewable energy by 2030, the Adani Group has embarked on one of the world's most ambitious carbon offset programs".

Given the commitment, India will be one of the most attractive transition markets for low carbon electricity technologies.

"We intend to play an essential role in this energy mix transition. Our recent ranking as the world's largest solar power company is a validation of our intent, and we will continue to diversify our energy portfolio," he said.

Adani said the partnership with Snam has several strategic nuances.

The combination of Adani's ability to provide the largest national energy platform and Snam's broad technology expertise can be pivotal in helping India accelerate its sustainability journey, he added.

Snam CEO Marco Alvera commented: "India will have a key role in reaching the global climate goals, and Snam aims to contribute to this process with its know-how and its realization capacity".

The two firms want to develop joint projects in the energy transition, from biomethane to hydrogen, in order to enable the decarbonisation of India and other countries, and create new development opportunities, Alvera said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)