India’s REC to provide funding to Hygenco green ammonia project in Odisha

India’s REC Limited (earlier known as Rural Electrification Corporation) is to provide financing of up to US$280 million to Hygenco Green Energies Pvt Ltd, a producer of low-cost green hydrogen, for its green ammonia project in Gopalpur, Odisha.

The company’s green ammonia project is part of its broader vision to reduce carbon emissions, with Hygenco planning to invest about US$2.5 billion towards its green hydrogen and green ammonia projects across India in the next few years.

Hygenco has already made a name for itself in the green hydrogen space. 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.

Amit Bansal, Co-Founder/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.”

Hygenco’s goal is to become a global leader in green hydrogen and green ammonia solutions.

Hygenco’s success is a significant step towards reducing India’s carbon footprint. Their projects will help decarbonise industries that are difficult to abate, such as steel and chemical. This will contribute to India’s climate goals and help create a sustainable future, it adds.