, India

IndianOil, L&T, ReNew Power to form JV for green hydrogen development

Initial focus of the JV will be the sectors where hydrogen is mainly used.

Refiner and fuel retailer Indian Oil Corporation Ltd., engineering and construction conglomerate Larsen & Toubro (L&T), and renewable energy firm ReNew Power (ReNew) will be forming a joint venture (JV) to develop India’s green hydrogen sector.

IndiaOil and L&T also signed a binding term sheet for the formation of another JV with equity participation to manufacture and sell electrolysers that are used in the production of green hydrogen.

In a statement, ReNew Power said the  the JVs aim “to enable India's transition from a grey hydrogen economy to a greener economy that increasingly manufactures hydrogen via electrolysis powered by renewable energy.”

ReNew Power said the JVs’ initial efforts will be focused on refining, steel, and fertilizer sectors where hydrogen is mainly used currently.

L&T CEO and Managing Director SN Subrahmanyan said green hydrogen is key in India’s plan to accelerate decarbonisation.

“The IndianOil-L&T-ReNew JV will focus on developing Green Hydrogen projects in a time-bound manner to supply Green Hydrogen at an industrial scale,” he said.

Meanwhile, IndianOil Chairman Shrikant Madhav Vaidya said the partnership will focus on green hydrogen projects at their Mathura and Panipat refineries, whilst other green hydrogen projects in the county will also be evaluated alongside.

ReNew Power Chairman and CEO Sumant Sinha said that the company is “well-poised to complement the capabilities of our partners,” adding that the JVs are aligned with the government’s strategic climate goals for 2030 and 2070.

Nearly all hydrogen produced in India is grey and it is estimated that demand for hydrogen will reach 12 million metric tons (MMT) by 2030, with around 40% of the production will be green, citing the draft National Hydrogen Mission guidelines. It added that by 2050, nearly 80% of India's hydrogen is projected to be “green” or produced via renewable electricity and electrolysis. 

Read more: India bares green hydrogen policy

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Exclusives

Why Singapore could be the ‘tipping point’ for ASEAN renewable and grid development
Heavily reliant on gas, the country is still on track for its 2035 net-zero target, but could be more ambitious to hit its 2050 goal by 2045.
Power Utility
Will the government pay for coal power exit in Vietnam?
The country’s coal power phase-out strategy sees renewables accounting for 67.7%–71.5% of the energy mix by 2050.