ReNew pens Indian green hydrogen agreement, adds to list of solar developers eyeing production

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
ReNew will power the electrolysis process through its Indian solar PV projects. Image: ReNew Power.

Indian independent power producer (IPP) ReNew Power has signed an agreement with Indian engineering giant Larsen & Toubro (L&T) to develop green hydrogen facilities, becoming the latest PV developer to do so after a string of recent announcements.

The two companies will jointly develop, own and operate green hydrogen projects across India, which is expected to have green hydrogen demand of up to 2 million tonnes per annum by 2030, requiring US$60 billion in investment.

The two companies said they expected to see a US$2 billion market in green hydrogen in India in the next two years alone, according to local media reports.

L&T said it was already looking at opportunities for green hydrogen in the Indian market and it intended to capitalise on them by “developing end-to-end competitive solutions”.

“I expect this partnership to set new benchmarks in the Indian renewable energy space and look forward to working together with L&T,” ReNew’s chairman and CEO Sumant Sinha said in a media statement.

The news comes after a flurry of activity on the green hydrogen front, with several solar developers looking to invest in its production.

Yesterday (2 December), Acciona Energia struck two deals for multiple green hydrogen facilities – one with state-owned Australian energy company Stanwell Corporation and a joint venture with US company Plug Power Inc. to establish multiple production sites across Spain and Portugal.

And in November, Australian energy company Global Energy Venture (GEV) announced it was to develop a 2.8GW green hydrogen project on the Australian Tiwi Islands.

Furthermore, at COP26, an alliance of global energy and industrial giants increased its own green hydrogen commissioning target by tens of gigawatts while simultaneously lauding the role renewables is set to play,

Back in October Norwegian energy giant Statkraft has released a report that urged greater action of decarbonisation and placed huge importance on the role of green hydrogen.

And in July, research by IHS Markit concluded that the production of green hydrogen using renewable power for electrolysis could be cost competitive with incumbent methods by 2030.

Read Next

January 28, 2022
Indian independent power producer (IPP) ReNew Power has sold its 117MW rooftop solar portfolio as part of a strategy to heighten its focus on utility-scale PV.  
January 19, 2022
US solar developer 8minute Solar Energy has closed US$400 million in financing from institutional investor EIG to bolster its US solar PV and energy storage pipeline.
January 18, 2022
Hive Hydrogen and Linde plc have teamed up to establish the “world’s largest green ammonia export plant” in Nelson Mandela Bay, South Africa that will have a 780,000 ton/year production capacity.
January 17, 2022
Oman has signed an agreement with energy major bp that will support the potential development of multiple gigawatts of renewables and green hydrogen in the Middle Eastern country by 2030.
January 13, 2022
Reliance Industries has signed a Memorandum of Understanding (MoU) with the government of Gujarat for a total investment of INR5.955 lakh crore (US$80 billion) over 10-15 years to establish 100GW of renewables and set up green technology manufacturing facilities in the state.
January 12, 2022
Despite a current shortage of electrolyser manufacturing capacity, the global green hydrogen sector is poised to benefit from a rapid ramp-up in electrolyser output over the coming years, according to Fitch Solutions.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 8, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal
Solar Media Events
April 25, 2022
Berlin, Germany