Hygenco Green Energies Pvt. Ltd., a leading producer of affordable green hydrogen, has signed a memorandum of understanding (MoU) with REC Ltd. (formerly Rural Electrification Corporation Ltd.) to secure financing for its green ammonia project in Gopalpur, Odisha.
The MoU, signed during the fourth Global Re-Invest event in Gandhinagar, Gujarat, outlines REC Ltd.’s commitment to providing up to $280 million in funding. Hygenco plans to invest approximately $2.5 billion in its green hydrogen and ammonia initiatives across India in the coming years.
Amit Bansal, Co-Founder and CEO of Hygenco, emphasized the company’s dedication to energy security and its alignment with the Indian government’s Aatmanirbhar Bharat vision. “Our projects aim to reduce carbon emissions and create a sustainable future,” Bansal said.
In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. The company had previously made headlines in 2022 by signing the country’s first long-term commercial green hydrogen offtake agreement with Jindal Stainless for the Hisar project. Hygenco has also partnered with key players such as Sterlite Technologies to supply green hydrogen.
According to Hydrocarbon Processing, Hygenco’s initiatives are pivotal in India’s efforts to decarbonize hard-to-abate sectors like steel and chemicals, advancing the nation’s climate goals and promoting a sustainable future.