Larsen & Toubro along with ReNew power have partnered to draw green energy businesses in India using green hydrogen.
According to the partnership agreement, both the developers will develop, own, execute and operate green hydrogen projects in India. L&T being an EPC will contribute via designing, executing and delivering the EPC projects. ReNew will contribute via developing utility-scale renewable energy projects.
“This partnership with ReNew is a significant milestone in the journey towards building a green energy portfolio for L&T… We believe that hydrogen is a promising alternative fuel and an important lever for achieving a cleaner future. L&T is extremely keen to add value in this space beyond the traditional EPC approach and is looking forward to working with ReNew.” ReNew’s chairman & CEO Sumant Sinha said in a media statement.
Water is split into hydrogen and oxygen using an electrolyzer by using renewable-powered electricity.
Many countries, including India (through its National Hydrogen Mission), have announced specific policy interventions to push for the widespread adoption of green hydrogen.
For India, increasing energy import bills, hydrogen can provide energy security by reducing the overall 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 will grow up to 2MMTPA by 2030 in line with the nation’s green hydrogen mission. This would call for investments upward of $60 billion.
Reference: larsontoubro.com