ReNew, L&T team up to tap green hydrogen business in India
Hydrogen derived from green sources can also provide energy security to countries like India with rising import bills from fossil fuels…
ReNew Power and Larsen & Toubro (L&T) inked a partnership agreement on Thursday to jointly develop, own, operate, and manage green hydrogen projects in India.
Using renewable electricity, green hydrogen is generated by splitting water into hydrogen and oxygen in an electrolyzer.
According to a press release, Sumant Sinha, chairman and CEO of ReNew Power, stated that he expects this partnership to set new benchmarks in the Indian renewable energy space. He further added that both companies will be able to take maximum advantage of this transition by combining their knowledge, expertise, and resources.
S N Subrahmanyan, chief executive officer and managing director of L&T, commented that this partnership with ReNew marks an important milestone in the company’s efforts to build a clean energy portfolio…
Subrahmanyan further added that green hydrogen represents a promising alternative fuel and a key tool to achieving a cleaner future.
Furthermore, the release reiterated that green hydrogen can also provide energy security through lowering the overall dependence on fossil fuels for countries like India, which accounts for a large percentage of the world’s energy import bill. Moreover, green hydrogen could offer an environment friendly alternative for industries such as refineries, fertilizers, steel, and transportation.
“We are already examining some exciting opportunities in the Indian market for green hydrogen and intend to exploit them by developing end-to-end competitive solutions,” said Subramanian Sarma, whole-time director and senior executive vice-president (energy) at L&T.
The government of India has announced specific policy interventions to encourage the widespread adoption of green hydrogen. In line with the nation’s green hydrogen mission, it is expected that green hydrogen demand in India for applications including refineries, fertilisers, and city gas grids will reach 2 million metric tonnes per year by 2030 which means an influx of over $60 billion in investments.
Connect with Power Insight: Facebook | LinkedIn | Twitter
