Energy Transition

Goldman Sachs-backed ReNew Power joins India's big-name dash to green hydrogen

Developer links with conglomerate L&T to advance renewable H2 opportunities in market already focus of fellow giants

Sumant Sinha, CEO of ReNew Power.
Sumant Sinha, CEO of ReNew Power.Foto: ReNew Power

ReNew Power became the latest Indian heavyweight to unveil big plans in green hydrogen as it linked with engineering and construction giant Larsen & Toubro (L&T) to advance projects in the sector.

Goldman Sachs-backed ReNew in a statement said the two will jointly own, develop and operate projects as their part in what they expect to be a total $60bn investment in Indian renewable H2 infrastructure by 2030 to meet demand of 2 million tonnes per annum by then.

ReNew – which has more than 6GW of wind and solar operating and a 3.8GW committed pipeline – said it is already studying specific opportunities with L&T, one of India’s largest E&C groups.

The two were quoted in the Indian media saying they expect to see a $2bn market opportunity in green H2 in as little as two years.

ReNew CEO Sumant Sinha said: “Green hydrogen will be a key driver of the transition to cleaner sources of energy and this partnership between ReNew and L&T, will allow both companies to pool their knowledge, expertise and resources to take maximum advantage of this transition. I expect this partnership to set new benchmarks in the Indian renewable energy space.”

The pair become the latest big names to pledge major expansion of green H2 in India, where Prime Minister Narendra Modi made the fuel a key plank of the nation’s energy transition strategy in a speech earlier this year when he said it could help secure “energy independence”.
Also active are Reliance Industries led by billionaire chairman Mukesh Ambani and fellow tycoon Gautam Adani, who said his Adani Group conglomerate will spend $70bn to amass a 45GW renewable energy portfolio by 2030 and produce the world’s cheapest green hydrogen.
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Published 3 December 2021, 08:54Updated 3 December 2021, 10:09
Asia-PacificIndiaReNew Power