Hygenco Green Energies has announced the signing of a memorandum of understanding (MoU) with REC Ltd (earlier Rural Electrification Corp. Ltd) to finance its green ammonia project in Gopalpur, Odisha. The MoU was formalized during the 4th Global Re-Invest held in Gandhinagar, Gujarat.
Under the MoU, REC will provide up to $280 million for the project.
Headquartered in Gurgaon, Hygenco develops and deploys scaled-up commercially attractive green hydrogen and green ammonia assets. It plans to invest about $2.5 billion over three years to set up green hydrogen and green ammonia projects across India.
In March 2024, Hygenco commissioned India’s first commercial green hydrogen plant in Hisar, Haryana. In 2022, it 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.
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