Indian engineering conglomerate Larsen & Toubro [LT:IN] announced a partnership with Goldman Sachs-backed [GS:US] ReNew Power [RNW:US], India’s largest renewable energy producer by installed capacity, as reported by Reuters on December 2. Under the partnership agreement, the two sides will jointly develop, own, execute, and operate green hydrogen projects in India. Citing Larsen & Toubro’s whole-time director Subramanian Sarma, the two companies will engage in tapping new opportunities in India’s green hydrogen market, which may demand investments of over EUR53bn.

Larsen & Toubro and ReNew Power eye on India’s growing demand for green hydrogen from refineries, fertilizers, and city gas grids, which is expected to rise to 2m tons per year by 2030. On November 24, Union Minister of State for New and Renewable Energy, Bhagwanth Khuba, announced India’s target to produce around 1m tons of green hydrogen by 2030. Also, the country will soon roll out a scheme to promote R&D of electrolyzes, aiming to reduce the cost of manufacturing hydrogen, Khuba added. According to India’s commitment at the COP26 summit, the country will raise the share of renewable energy in its energy mix from 38% at present to 50% by 2030.

Sources:

https://www.reuters.com/business/sustainable-business/lt-goldman-backed-renew-tie-up-green-hydrogen-projects-india-2021-12-02/

https://renews.biz/74107/lt-renew-form-indian-hydrogen-partnership/

https://swarajyamag.com/news-brief/india-to-target-one-million-tonnes-green-hydrogen-production-per-annum-by-2030

https://www.theweek.in/news/sci-tech/2021/11/24/green-hydrogen—india-to-soon-launch-scheme-to-boost-r-d-of-ele.html