Hygenco Partners with REC to Fund $280M Green Ammonia Project
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- REC to fund up to $280 million for Hygenco’s Green Ammonia Project in Odisha.
- Hygenco plans to invest $2.5 billion in green hydrogen and ammonia projects across India.
- The partnership supports India’s carbon reduction goals and advances energy sustainability.
Hygenco Green Energies Pvt Ltd, a leader in green hydrogen production, has signed a Memorandum of Understanding (MOU) with REC Limited to finance its Green Ammonia Project in Gopalpur, Odisha. The deal, made during the 4th Global Re-Invest event in Gujarat, positions Hygenco to drive India’s clean energy transition.
Investment for a Greener Future
REC Limited will fund up to $280 million for the project, marking a significant financial commitment toward low-carbon technology. Hygenco, in turn, plans to invest $2.5 billion in green hydrogen and green ammonia projects across India over the coming years.
Amit Bansal, Co-Founder and CEO of Hygenco, stated, “We are committed to energy security and aligning with the Indian government’s vision of Aatmanirbhar Bharat. Our projects will help reduce carbon emissions and pave the way for a sustainable future.”
Advancing Clean Energy Leadership
In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. The company has also secured India’s first long-term green hydrogen offtake agreement with Jindal Stainless, solidifying its role as a pioneer in the sector. Partnerships with major players like Sterlite Technologies further enhance its influence in the clean energy market.
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Driving India’s Decarbonization Goals
Hygenco’s initiatives are critical in decarbonizing heavy industries, such as steel and chemical, which are otherwise hard to transition to cleaner energy. These projects contribute directly to India’s climate action goals and the global movement toward sustainable industry practices.