L&T, India's leading engineering group, and the Nasdaq-listed ReNew Power, India's largest wind and solar company, today announced a partnership agreement to tap green hydrogen business in India. Under the pact, the two companies will jointly develop, own, execute and operate green hydrogen projects in India.
A joint press statement issued by the two companies, did not give any more details. There was only the usual blah-blah such as that they would "pool their knowledge and expertise and resources".
It quotes Subramanian Sarma, Wholetime Director and Senior Executive Vice President, L&T as saying: "We are already looking at some interesting opportunities in the Indian market for green hydrogen."
The release says that the demand for green hydrogen in India for applications such as refineries, fertilizers and city gas grids will grow up to 2MMTPA by 2030 in line with the nation's green hydrogen mission. This would call for investments upward of $60 billion.
L&T, with its deep expertise and experience in engineering and construction of projects, and ReNew, with its experience in the development of renewable energy projects, are market leaders in their respective sectors and this synergistic partnership is committed to tapping this emerging opportunity, the release says.
Pertinent to note that L&T had earlier said that it was examining the prospect of getting into the manuacture of electrolysers in India and would take a decision this year.
This is not the first time that L&T and ReNew are getting into a pact. In August, ReNew acquired a 99MW hydro power project from L&T, marking its entry into hydro electric power generation. ReNew also took over L&T Uttaranchal Hydropower, which owns the Singoli-Bhatwari Hydroelectric Project (SBHEP), from L&T Power Development.
About L&T: Larsen & Toubro is an Indian multinational engaged in EPC Projects, Hi-Tech Manufacturingand Services. It operates in over 50 countries worldwide. A strong, customer–focused approach and the constant quest for top-class quality have enabled L&T to attain and sustain leadership in its major lines of business for eight decades.
About ReNewReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of November 15, 2021, ReNew had a total capacity of approximately 10.3 GW of renewable energy projects across India, including commissioned and committed projects.
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