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Apollo Green eyes green hydrogen partnerships to expand renewable portfolio
Industry News- Jan 03,25
Apollo Green will focus exclusively on the engineering, procurement, and construction (EPC) side of green hydrogen facility development.
Apollo Green Energy, which is planning an IPO by the second half of 2025, is in discussions with international players to acquire green hydrogen technology as part of its strategy to expand its renewable energy portfolio. The company aims to achieve a project pipeline worth Rs 100 billion this year, according to Sanjay Gupta, CEO in an exclusive interview.
While India is focused on developing green hydrogen technology domestically as part of its clean energy transition, companies like Apollo Green are still relying on foreign partners for key elements such as electrolysers and fuel cells, essential for green hydrogen production. This mirrors moves by other major firms, like Reliance Industries and Larsen & Toubro, which have previously entered into technology partnerships for electrolysers.
Gupta explained that Apollo Green is focused on securing the right technology, potentially sourced from external manufacturers. "Our teams are also working on identifying projects. Green hydrogen will definitely be a part of our Rs 100 billion target," he added.
Although Gupta did not name specific partners, he revealed that the company is negotiating with two large technology providers who are eager to enter the Indian market. These providers would work with Apollo Green as a channel partner to offer their green hydrogen solutions to Indian companies. Apollo Green will focus exclusively on the engineering, procurement, and construction (EPC) side of green hydrogen facility development.
Green hydrogen, produced through the electrolysis of water powered by renewable electricity, is seen as a promising alternative to fossil fuels.
In its renewed focus on renewable energy, Apollo Green Energy has secured three solar deals from the state-run NHPC, valued at Rs 35 billion. The company is executing projects such as a 40 MW fixed tilt solar project in Odisha, a 50 MW floating solar project in Kerala, and a 200 MW solar project with tracker technology in Gujarat, in addition to deploying 150,000 smart solar street lights in Bihar.
Gupta further emphasised the company’s plans to expand into wind, hybrid, green hydrogen, and battery storage solutions. Apollo currently operates in eight states and manages a diverse portfolio of 400 MW of solar installations. With a shift away from conventional EPC projects, Apollo Green aims for 80% of its portfolio to focus on solar energy, with 90% of the Rs 100 billion portfolio directed towards renewable projects.
Gupta also outlined the company's growth strategy, highlighting its target revenue of Rs 11 billion in FY 25 and its aim to go public by Diwali 2025. "We have a clear deployment plan and want to provide value to our investors," he said.
(Moneycontrol)
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