Larsen & Toubro and ReNew Power have announced a partnership agreement to tap the emerging green hydrogen business in India.
Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India.
Leaders Speak
Commenting on this partnership, S N Subrahmanyan, CEO & MD, Larsen & Toubro said: “This partnership with ReNew is a significant milestone in the journey towards building a green energy portfolio for L&T. It is synergistic and brings together the impeccable track record of L&T in designing, executing, and delivering EPC projects and the expertise of ReNew in developing utility-scale renewable energy projects.”
“We are delighted to be partnering with L&T for the green hydrogen business. Green hydrogen will be a key driver of the transition to cleaner sources of energy and this partnership between ReNew and L&T, will allow both companies to pool their knowledge, expertise and resources to take maximum advantage of this transition,” according to ReNew’s Chairman & CEO Sumant Sinha.
What is Green Hydrogen?
Green hydrogen produced by splitting water into hydrogen and oxygen in an electrolyzer by using renewable-powered electricity can enable the world to meet its net zero emissions targets. Many countries, including India (through its National Hydrogen Mission), have announced specific policy interventions to push for the widespread adoption of green hydrogen.
For countries like India, with its ever-increasing energy import bill, it can also provide energy security by reducing the overall dependence on fossil fuels. It is also expected to provide a green alternative for “hard-to-abate” industries, like refineries, fertilizers, steel and transport.
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Green H2 demand in India
It is anticipated that green hydrogen demand in India for applications such as refineries, fertilizers and city gas grids will grow up to 2 million tonnes per year by 2030 in line with the nation’s green hydrogen mission. This would call for investments upward of $60 billion, a joint release by L&T and ReNew said.
(Featured photograph for illustration only)
