India’s L&T, ReNew to partner on green hydrogen projects
Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.
Engineering group Larsen & Toubro (NSE:LT), or L&T, and renewable energy company ReNew Energy Global Plc (NASDAQ:RNW) have agreed to partner to jointly develop, own, execute and operate green hydrogen projects in India, the two Indian companies said on Thursday.
According to the announcement, the partnership will bring together ReNew’s expertise in the development of renewable energy projects and L&T’s engineering, procurement and construction (EPC) experience as the companies look to capitalise on the emerging green hydrogen sector in India.
“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,” commented ReNew's chairman and chief executive Sumant Sinha.
The partners aim to offer green hydrogen solutions to the industry.
They said green hydrogen demand in India for uses such as refineries, fertilisers and city gas grids is expected to grow up to 2 million tonnes per year by 2030 in line with the country’s green hydrogen mission, which would require more than USD 60 billion (EUR 53bn) in investments.