ReNew forms JV to develop green hydrogen strategy in India

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
India aims to produce 5 million tonnes of green hydrogen by 2030. Image: Toshiba Corporation.

Indian renewables company ReNew Power, oil refiner IndianOil and engineering company Larsen & Toubro (L&T) have formed a joint venture (JV) to develop green hydrogen projects in India, with the latter two forming a separate JV dedicated to manufacturing electrolysers in India.

The partnership will first focus on IndianOil’s refineries in Mathura and Panipat, said Shrikant Madhav Vaidya, chairman of IndianOil, before exploring other venues in India to build green hydrogen projects.

Refining, steel and fertiliser sectors will be the main targets of the JV between the three companies.

Each company would leverage its own business experience and knowledge base; L&T providing expertise in engineering, procurement and construction, IndianOil its R&D capacities in refining, while ReNew its capacity to develop utility-scale renewable projects.

SN Subrahmanyan, CEO and managing director at L&T, said: “India plans to rapidly march ahead in its decarbonization efforts and production of Green Hydrogen is key in this endeavour. The IndianOil-L&T-ReNew JV will focus on developing Green Hydrogen projects in a time-bound manner to supply Green Hydrogen at an industrial scale.”

“While the usage of hydrogen in the mobility sector will take its due time, however the refineries will be the pivot around which India’s green hydrogen revolution will materialize in a substantial way,” added Madhav Vaidya.

IndianOil and L&T’s JV has been signed to address a gap in the green hydrogen manufacturing chain in India by producing electrolysers necessary to produce green hydrogen, the companies said.

To help India’s nascent green hydrogen industry and reduce its production cost, and with the goal to produce five million tons of green hydrogen by 2030, the ministry of power released a policy in February were it approved a waiver of inter-state transmission charges for the next 25 years on projects commissioned before 30 June 2025.

This is not the first time Renew and L&T partnered to develop green hydrogen projects, as they signed an agreement last December to invest in the green energy.

Read Next

PV Tech Premium
May 25, 2022
Solar EPC Sterling and Wilson believes an easing of PV module supply concerns, the rise of alternate supply chains and a gigawatt-scale green hydrogen market will drive both short- and medium-term growth for PV developers and EPCs.
May 25, 2022
Module price increases, higher raw material costs and logistical challenges will pull down the return on equity (ROE) for 25GW of India solar projects, with 5GW of those at high risk given when they submitted their bids.
May 19, 2022
Additional subsidies to support the production of green hydrogen are being requested by industry players looking to set up bankable H2 projects, it was suggested during a panel discussion.
May 18, 2022
Powering electrolysers with renewables generation that would otherwise be curtailed could be an effective strategy for producing green hydrogen in the coming years until the H2 sector benefits from further cost declines, it was suggested during a panel discussion.
May 17, 2022
Europe has established a leading position across the green hydrogen value chain but now must accelerate investments to build out infrastructure while committing green hydrogen targets to legislation.
May 9, 2022
Russia’s invasion of Ukraine was blamed for a collapse in Q1 earnings recorded by independent power producer (IPP) Scatec.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 7, 2022
Leonardo Royal London City, London, UK
Solar Media Events
June 14, 2022
Napa, USA
Solar Media Events
June 22, 2022
Sheraton Austin Hotel at the Capitol, Austin, Texas