Larsen & Toubro (L&T) and ReNew Power have announced a partnership agreement to tap the emerging green hydrogen business in India. Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India.
SN Subrahmanyan, CEO and MD of Larsen & Toubro, said the partnership “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 alternative fuel and an important lever for achieving a cleaner future.”
All you need to know about Green Hydrogen
ReNew’s Chairman and CEO Sumant Sinha said he expected the partnership to set new benchmarks in the Indian renewable energy space.
Green hydrogen — produced by splitting water into hydrogen and oxygen in an electrolyser by using renewable-powered electricity — can help the world meet net-zero emissions targets. Many countries, including India (through its National Hydrogen Mission), have announced policy interventions for widespread adoption of green hydrogen.
Green hydrogen spawns new industry
For countries like India with an ever-increasing energy import bill, green hydrogen can provide energy security by reducing the dependence on fossil fuels. It is also expected to provide a green alternative for “hard-to-abate” industries like refineries, fertilizers, steel and transport.
Green hydrogen demand in India for applications such as refineries, fertilizers and city gas grids is expected to grow to 2MMTPA by 2030, in line with the nation’s green hydrogen mission. This would call for investments upward of $60 billion, according to a press release by the company.
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