Hygenco Enters into MoU with REC to Finance Green Ammonia Project in Gopalpur, Odisha
As part of the agreement, REC will fund up to USD 280 million for Hygenco’s green ammonia project in Gopalpur, Odisha. The MoU was formalised during the RE-INVEST 2024 in Gandhinagar, Gujarat.
September 18, 2024. By Mrinmoy Dey
The company's green ammonia project is part of its broader vision to reduce carbon emissions. Under the MoU, REC will fund up to USD 280 million for the project, even as Hygenco is planning to invest about USD 2.5 billion towards its green hydrogen and green ammonia projects across India in the next few years.
Commenting on the development, Amit Bansal, Co-Founder and CEO of Hygenco, said, “We are committed to energy security and aligning with the Indian government's vision of Aatmanirbhar Bharat. Our projects will help reduce carbon emissions and pave the way for a sustainable future.”
He further asserted that Hygenco has already made a name for itself in the green hydrogen space. “In March 2024, Hygenco commissioned India's first commercial green hydrogen plant in Hisar, Haryana. In 2022, Hygenco had signed India's first-ever commercial long-term offtake agreement of green hydrogen for the Hisar-based project with Jindal Stainless. We have also signed agreements with major companies including Sterlite Technologies to supply green hydrogen,” informed Bansal.
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