Hygenco to get REC’s financing support for green ammonia project in Odisha

Hygenco Green Energies Pvt Ltd, a Gurgaon-based green hydrogen firm, has inked a MoU with REC Ltd (earlier Rural Electrification Corporation Ltd) for financing its green ammonia project in Gopalpur, Odisha. REC will fund upto $280-mn for the project. The MoU was formalised during the 4^th Global Re-Invest held in Gandhinagar, Gujarat.

Hygenco is planning to invest about $2.5-bn towards its green hydrogen and green ammonia projects across India in the next few years.

In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. In 2022, Hygenco had signed India’s first-ever commercial long-term offtake agreement of green hydrogen for the Hisar based project with Jindal Stainless. The developer has also signed agreements with major companies including Sterlite Technologies to supply green hydrogen.

Mr. Amit Bansal, co-founder and CEO of Hygenco, said, “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.”