Hygenco enters into MoU with REC to finance green ammonia project in India
Hygenco Green Energies Pvt. Ltd., a pioneer in producing low-cost green hydrogen (H2), has entered into a memorandum of understanding (MoU) REC Ltd. (previously Rural Electrification Corp. Ltd.) for financing Hygenco's Green Ammonia Project in Gopalpur, Odisha. The MoU was formalized during the 4th Global Re-Invest held in Gandhinagar, Gujarat.
Hygenco - REC Ltd. MoU signing at Gujarat, India.
The company's Green Ammonia Project is part of its broader vision to reduce carbon emissions. Under the MoU, REC will fund up to $280 MM for the project, even as Hygenco is planning to invest about $2.5 B towards its green H2 and green ammonia projects across India in the next few years.
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."
Hygenco has already made a name for itself in the green H2 space. In March 2024, Hygenco commissioned India's first commercial green H2 plant in Hisar, Haryana. In 2022, Hygenco had signed India's first-ever commercial long-term offtake agreement of green H2 for the Hisar based project with Jindal Stainless. The developer has also signed agreements with major companies including Sterlite Technologies to supply green H2.
Hygenco's goal is to become a global leader in green H2 and green ammonia solutions.
Hygenco's success is a significant step towards reducing India's carbon footprint. Its projects will help decarbonize industries that are difficult to abate, such as steel and chemical, contribute to India's climate goals and help create a sustainable future.
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