Ayana Renewable Power (Ayana), a Bengaluru-based renewable energy platform majority controlled by National Investment and Infrastructure Fund (NIIF), has signed a Memorandum of Understanding (MoU) with Greenstat Hydrogen India, a Norwegian energy organization, to accelerate the hydrogen technology development in India. Under the partnership, the two companies will collaborate on developing projects for green hydrogen.
In its Union Budget 2021, the Government of India announced its plan to launch the National Hydrogen Mission. The collaboration between Ayana and Greenstat will accelerate the development of an Indian ecosystem for green hydrogen initiatives.
Ayana Renewable focuses on the development of utility-scale renewable projects in India. The MoU brings together the development and operating expertise of Ayana in India, along with the technical expertise of the Greenstat Group.
Speaking on the partnership, Shivanand Nimbargi, managing director and CEO, Ayana Renewable Power said, “For India, hydrogen presents a great potential opportunity as it will decrease reliance on fossil fuels and focus on sustainable sources of energy. We anticipate that our initiatives will support the National Hydrogen Mission, to fast-track India’s decarbonization of grid and providing energy storage solutions for the industrial sector, and transportation sector over the next few years.”
Greenstat has already partnered with India Energy Storage Alliance (IESA) and The Energy and Resources Institute (TERI) to set up a Centre of Excellence for hydrogen in India and accelerate the deployment of hydrogen technologies in the country.
On the partnership with Ayana, Sturle Pedersen, Chairman, Greenstat Hydrogen India, said, “Leading a broad representation of Norwegian cutting-edge expertise within the hydrogen sector, we are thrilled to be a part of this exciting journey together with Ayana Power, the Indian industry, R&D institutes, and the Indian government. Hydrogen is already a dominant part of the energy value chain worldwide; the challenge now is to revert the energy ecosystem back into its natural evolution. Renewable energy must replace fossil fuels, to preserve our habitat, and to preserve our mobility. Hydrogen is the natural energy carrier representing a vital part of the sustainable energy solution together with sustainable battery manufacturing. We look forward to learning from our partners and sharing our knowledge with great gratitude to our partners.”
Ayana Renewable Power is also backed by CDC Group, the UK’s development finance institution, and EverSource Capital managed Green Growth Equity Fund (GGEF). The platform develops utility-scale renewable power solar and wind generation projects across India. To date, Ayana has received equity funding of US$ 721 million; sufficient to scale up its renewable energy portfolio to over 4GW over the next two years. Currently, it has 2.2 GW of solar generation capacity under various stages of development/operation across multiple Indian states, and a strong future pipeline of renewable energy opportunities.
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