India’s state-backed Oil & Natural Gas Corporation (ONGC) and joint venture partner Greenko could invest up to $6.2 billion on Indian renewable energy and green hydrogen projects under the terms of an agreement signed this week, Press Trust of India (PTI) reported.
Indian national energy company ONGC on Tuesday signed a memorandum of understanding with Indian renewable energy company Greenko Group, to jointly pursue opportunities in renewable energy, green hydrogen, green ammonia and other derivatives of green hydrogen.
Under the partnership, the companies said they will jointly develop a 1 million tonne per year green ammonia production and storage facility in India for export purpose, according to a statement from Greenko.
“The companies aim to form a JV to produce 1 MMTPA of green ammonia through a 1.3 GW green hydrogen plant leveraging Greenko’s exclusive partnership with John Cockerill,” it said, adding that it will be a major renewable energy project needing about 6 GW of solar and wind power combined with Greenko’s pumped-hydro energy storage platform to produce 1.4 GW of round-the-clock renewable power.
ONGC said “this MoU is in line with the National Hydrogen Mission launched by Hon’ble Prime Minister in making India a global green hydrogen hub. The activities envisaged under this MoU will contribute towards India’s target of producing of 5 million tonnes of green hydrogen per annum by 2030.”
Anil Kumar Chalamalasetty, CEO and Managing Director at Greenko said: “this pioneering partnership will propel the transformation of India from a carbon-based fossil energy importer to an exporter of renewable energy derived products like green hydrogen, green ammonia and green molecules.“