L&T, ReNew Partner to Tap Emerging Green Hydrogen Biz in India
Engineering conglomerate Larsen & Toubro (L&T) and ReNew Power, India’s leading renewable energy IPP, entered into a partnership agreement with an aim to tap the emerging green hydrogen business in India.
December 02, 2021. By Manu Tayal
As per the deal, the two organisations would jointly develop, own, execute and operate green hydrogen projects in the country.
Commenting on the partnership, S N Subrahmanyan, CEO & MD of 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 believe that green hydrogen is a promising alternate fuel and an important lever for achieving a cleaner future. L&T is extremely keen to add value in this space beyond the traditional EPC approach and is looking forward to working with ReNew.”
“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. I expect this partnership to set new benchmarks in the Indian renewable energy space and look forward to working together with L&T,” said Sumant Sinha, Chairman & CEO of ReNew.
“We are already looking at some interesting opportunities in the Indian market for green hydrogen and we intend to capitalize on them by developing end-to-end competitive solutions. In that effort, we are excited to secure a partnership with ReNew who brings its renewable energy development expertise to the table. Combined with our expertise in the EPC space, I am confident that this partnership will contribute to sustainable and eco-friendly profitable growth,” said Subramanian Sarma, Whole-time Director & Sr. Executive Vice President (Energy), Larsen & Toubro.
It is anticipated that green hydrogen demand 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.
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