REC commits $280 million to Hygenco's green ammonia project in Odisha
The state-backed power sector lender will provide upto $280 million for the project.
Green hydrogen producer Hygenco has partnered with REC Limited to secure $280 million in financing for its Green Ammonia Project in Gopalpur, Odisha.
"Under the MoU, REC will fund up to $280 million for the project, even as Hygenco is planning to invest about US$2.5 billion years towards its green hydrogen and green ammonia projects across India in the next few years," 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," said Amit Bansal, Co-Founder and CEO of Hygenco.
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Hygenco develops and deploys commercial green hydrogen and ammonia production systems. Its applications are used in large-scale process industries, terrestrial and marine transport, and personal mobility. One of their significant achievements is "Project Steel One", which is India’s first commercial-scale green hydrogen plant.
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