New Delhi: Home-grown renewable energy player GreenZo Energy will set up green hydrogen capacities totalling 50 megawatt (MW) at various locations in Nepal. The capacities will be set up for Nepal's API Power which will invest Rs 1,000 crore in the project, GeenZo said in a statement on Monday.
GreenZo Energy has signed a Memorandum of Understanding (MoU) with API Power to develop 50-MW green hydrogen plants that can generate 4,000-MT hydrogen annually, within a span of three years, in Nepal, it said.
Under the agreement, API Power has proposed sites of existing hydro and solar projects to be used for the hydrogen initiative.
The pilot hydro project of 1-MW, as agreed by both the companies, will take off at 8.5 MW Naugarh Gad Hydroelectric Project, the statement said.
Sanjeev Neupane, Managing Director, API Power Company Ltd, said, "Nepal is rich in hydropower with 20,000 MW of projects under development and the seasonal nature of resources from the vast network of rivers necessitates hydrogen storage."
Shreya Agarwal, Lead Strategy and Operations of GreenZo Energy, the MoU will come into effect from July 18, 2022, and will remain active till the completion of the proposed projects by 2025.
(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.)