Hygenco Green Energies Pvt. Ltd., producing affordable green hydrogen, signed a memorandum of understanding (MoU) with REC Ltd. (formerly Rural Electrification Corp. Ltd.) to secure financing for its green ammonia project in Gopalpur, Odisha.
The agreement was inked during the fourth Global Re-Invest event held in Gandhinagar, Gujarat. As per the MoU, REC Ltd. will provide up to $280 million in funding, while Hygenco plans to invest approximately $2.5 billion in its green hydrogen and green ammonia initiatives across India over the coming years.
Amit Bansal, Co-Founder and CEO of Hygenco mentioned, “Our commitment is towards energy security and supporting the Indian government’s vision of Aatmanirbhar Bharat. Through our projects, we aim to reduce carbon emissions and create a sustainable future”.
In March 2024, the company commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. Previously, in 2022, it signed the country’s first long-term commercial green H2 offtake agreement with Jindal Stainless for the Hisar project. Additionally, Hygenco has partnered with major companies, including Sterlite Technologies, to supply green hydrogen.
As reported by hydrocarbonprocessing.com, Hygenco’s efforts mark a crucial milestone in India’s journey toward carbon reduction, as its projects are expected to decarbonize hard-to-abate sectors like steel and chemicals, contributing to the nation’s climate objectives and fostering a sustainable future.
