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.
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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.