L&T, partners to invest $4 B in green hydrogen projects
green hydrogen joint venture partners-Indian Oil Corporation and ReNew-will invest upto $4 billion (₹32,000 crore) in their green hydrogen businesses over three-five years, CEO & Managing Director, S N Subrahmanyan said Wednesday. L&T has a joint venture with state-run Indian Oil Corporation and renewable power company ReNew for its green hydrogen ventures. «We will invest around ₹500 crore in making electrolysers.
Also, we have a JV with IOCL and Renew to put up green hydrogen plants. Now that JV can also put up green hydrogen plants beyond IOCL for others, said Subrahmanyan, adding that the investment would be around $4 billion. »Between the three companies there will be sufficient cash available.
L&T will fund this through internal accruals. We may need additional land around the port to transport green hydrogen and ammonia for which we are in talks with state governments," added Subrahmanyan. This January, L&T signed an agreement with the Norway-based H2Carrier to develop floating green ammonia projects for industrial-scale applications.
In March the company entered into an electrolyser manufacturing binding agreement with McPhy Energy, a France-based leading electrolyser technology and manufacturing company. Under this partnership, McPhy will grant an exclusive license of its pressurised alkaline electrolyser technology to L&T for manufacturing of electrolysers, including future product upgrades. L&T is setting up one Gigawatt-scale manufacturing facility for electrolysers based on McPhy technology in India to serve the domestic requirements as well as cater to the other selected geographies.
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