New Delhi: Hygenco Green Energies Pvt Ltd, a leading player in the green hydrogen sector, has entered into a memorandum of understanding (MoU) with REC Limited to finance its Green Ammonia Project in Gopalpur, Odisha. The agreement has been signed at the 4th Global Re-Invest summit in Gandhinagar, Gujarat.
As part of this MoU, REC Limited will provide up to $280 million in funding to Hygenco Green Energies. This financing is aimed at supporting Hygenco’s ambitious plan to establish a large-scale green ammonia facility in Odisha, which aligns with the company's broader strategy to reduce carbon emissions and support India’s clean energy transition. Hygenco plans to invest around $2.5 billion over the next few years in green hydrogen and ammonia projects across the country.
Commenting on this, Hygenco's Co-Founder and CEO Amit Bansal said, “We are committed to contributing to India’s energy security and aligning with the government’s Aatmanirbhar Bharat vision. Our green projects will not only help decarbonize industries but also create a more sustainable future.”
Hygenco has already made significant strides in the green hydrogen space. In March 2024, it launched India’s first commercial green hydrogen plant in Hisar, Haryana. The company has also secured India's first long-term green hydrogen offtake agreement with Jindal Stainless for the Hisar project and signed deals with other major companies like Sterlite Technologies for green hydrogen supply.
Hygenco’s vision is to become a global leader in green hydrogen and green ammonia, with its projects playing a pivotal role in reducing India’s carbon footprint and decarbonizing hard-to-abate industries such as steel and chemicals.
(PSU Watch– India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy is now on Google News. Click here to follow. Also, join PSU Watch Channel in your Telegram. You may also follow us on Twitter here and stay updated.)