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REC commits $280 million to Hygenco's green ammonia project in Odisha
Industry News- Sep 18,24
In July, it was reported that Hygenco is in talks with global investors for a potential stake sale to raise about $400 million for future expansion.
Green hydrogen producer Hygenco has secured financing from REC Limited for its Green Ammonia Project in Gopalpur, Odisha. REC, a state-backed power sector lender, will provide up to $280 million for the project.
Under the memorandum of understanding (MoU), REC will fund the project, while Hygenco plans to invest around $2.5 billion in green hydrogen and green ammonia projects across India over the next few years. Hygenco specialises in developing and deploying commercial green hydrogen and ammonia production systems for large-scale industries, transport, and personal mobility. One of its notable achievements is ‘Project Steel One’, India’s first commercial-scale green hydrogen plant.
Amit Bansal, Co-Founder and CEO, 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."
In July, it was reported that Hygenco is in talks with global investors for a potential stake sale to raise about $400 million for future expansion. The company, based in Haryana, has not disclosed the percentage of the stake that would be offered to investors.
(Moneycontrol)
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