- ReNew Energy, Larsen and Toubro, and Indian Oil signed a joint venture.
- Companies set a 5 million tonnes of green hydrogen target by 2030
A joint venture between ReNew Energy Global plc, Larsen and Toubro, and Oil and gas exploration company- Indian Oil will establish green hydrogen projects in India. All based in India, the three companies have signed a binding agreement. The new development will have Larsen and Toubro, an engineering conglomerate, bring its expertise in engineering, procurement, and construction to the table, backed by the heavyweight that Indian Oil carries in the energy sector. ReNew Energy will, in the partnership, contribute its capacity in the development of utility-scale renewable energy projects to the joint venture.
The joint venture aims to commence the supply of green hydrogen on an industrial scale. The project’s initial phase will be conducted at Mathura and Panipat refineries, owned by India Oil. Other sites across the country will also be considered as the project progresses. Another JV agreement between Indian Oil and L&T will yield the production and sale of electrolyzers to produce green hydrogen.
India plans to produce 5 million tonnes of green hydrogen every year by 2030. Currently, grey hydrogen takes the highest share of hydrogen produced in the country, and just about 40% of hydrogen demand is expected to be for green hydrogen by 2030.