Engineering conglomerate Larsen & Toubro (L&T) and Goldman Sachs-backed renewable energy company ReNew Power agreed on a partnership agreement to jointly develop, own, execute and operate green hydrogen projects in India. The partnership between L&T and the renewable energy company is the latest valuable entry into the green hydrogen production space in India after the announcements made by by Mukesh Ambani and Gautam Adani, two of Asia's richest men.
S N Subrahmanyan, CEO and MD of L&T, 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 in together the ideal track record of L&T in designing, executing, and delivering EPC projects and the expertise of ReNew in developing utility-scale renewable energy projects.”
Subrahmanyan also spoke on the importance of green hydrogen is a promising alternate fuel and
an important lever for achieving a cleaner future.
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."
“Green hydrogen will be a key driver of the transition to cleaner sources of energy and this partnership between ReNew and L&T, will make 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 and look forward to working together with L&T,” said ReNew Chairman & CEO Sumant Sinha in a statement.
Green hydrogen can drive the world to meet its net zero emissions targets, L&T and ReNew said in the joint statement. Many countries, including India (through its National Hydrogen Mission), have announced specific policy interventions to go for the adoption of green hydrogen.
On the other hand countries like India, with its ever-increasing energy import bill, are capable of providing energy security by reducing the overall dependence on fossil fuels. Therefore, green hydrogen can also provide a green possibility for industries like refineries, fertilizers, steel and transport.
This would allow in for investments of more than $60 billion, it said.
