OIL & GAS

L&T and ReNew join hands to tap green hydrogen business

Construction major Larsen & Toubro (L&T) and leading renewable energy company ReNew Power (ReNew) on Thursday signed an agreement to tap the $60 billion emerging green hydrogen market in India. The companies are targeting a business potential of $2 billion from the segment in India and neighbouring countries in two years.

“The partnership brings together the track record of L&T in designing, executing and delivering EPC (engineering, procurement and construction) projects and the expertise of ReNew in developing utility-scale renewable energy projects,” said S.N. Subrahmanyan, chief executive officer (CEO) and managing director of L&T.

Green hydrogen is produced by a process that does not emit any greenhouse gases. Efforts are on globally to make green hydrogen the fuel that can help countries attain their net-zero emission targets.

It is anticipated that the green hydrogen demand in India for applications such as refineries, fertilizers, and city gas grids will grow to 2 million tonnes per annum by 2030 in line with the nation’s green hydrogen mission. This would call for investments upward of $60 billion.

A number of opportunities are available in the green hydrogen segment and the partnership will not be constrained by capital availability, said Sumant Sinha, chairman and CEO at Gurugram-based ReNew.

Source
Livemint
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