Mumbai: Hygenco Green Energies, a green hydrogen producer, on Tuesday said it has entered into an MoU with REC Ltd for financing Hygenco’s green ammonia project in Gopalpur, Odisha.
Under the MoU, REC will fund up to $280 million for the project, even as Hygenco is planning to invest about $2.5 billion years towards its green hydrogen and green ammonia projects across India in the next few years.
“Our projects will help reduce carbon emissions and pave the way for a sustainable future,” said Amit Bansal, co-founder and CEO of Hygenco.
The MoU was formalised during the 4th Global Re-Invest held in Gandhinagar, Gujarat.
In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. In 2022, Hygenco had signed India’s first-ever commercial long-term offtake agreement of green hydrogen for the Hisar based project with Jindal Stainless. The developer has also signed agreements with major companies including Sterlite Technologies to supply green hydrogen.
The company plans to become a global leader in green hydrogen and green ammonia solutions. Their goal is to set up projects that would help decarbonize industries which are difficult to abate such as steel and chemicals.
