NEW DELHI, Dec 2 (Reuters) – Indian engineering conglomerate Larsen & Toubro (LART.NS) said on Thursday it will jointly own and operate green hydrogen projects with Goldman Sachs-backed green energy producer ReNew Power.
The partnership between L&T and the renewable energy company is the latest big-ticket entry into the green hydrogen production space in India, following announcements of ambitious plans by Mukesh Ambani and Gautam Adani, two of Asia’s richest men.
Larsen & Toubro said on Thursday that it will jointly own and operate green hydrogen projects with Goldman Sachs-backed green energy producer ReNew Power.
The partnership between L&T and the renewable energy company is the latest big-ticket entry into the green hydrogen production space in India, following announcements of ambitious plans by Mukesh Ambani and Gautam Adani, two of Asia’s richest men.
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In a statement, L&T said, that it is anticipated that 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.”
“For countries like India, with its ever-increasing energy import bill, it can also 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,” L&T further added.
Commenting on this partnership, S N Subrahmanyan, CEO & MD of Larsen & Toubro said: “This partnership with ReNew is a significant milestone in the journey towards building a green energy portfolio for L&T. It is synergistic and 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.”
He also added, “We believe that green hydrogen is a promising alternate 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, “I expect this partnership to set new benchmarks in the Indian renewable energy space and took forward to working together with L&T.”
Shares of L&T were trading 0.20 per cent higher at Rs 1,786.35 apiece on BSE during intra-day.
https://www.businesstoday.in/latest/corporate/story/lt-goldman-sachs-backed-renew-tie-up-for-green-hydrogen-projects-in-india-314209-2021-12-02
