Indian Oil Corporation (IOC), the nation’s top oil firm, will partner Larsen & Toubro and Goldman Sachs-backed renewable energy producer ReNew Power to produce green hydrogen as it follows the footsteps of groups headed by billionaires Mukesh Ambani and Gautam Adani to produce carbon-free fuel.
The three firms have signed a binding term sheet to jointly develop green hydrogen projects, while the state-run refiner and the engineering major will form a separate partnership for making electrolyzers for green hydrogen, according to a joint statement.
India, the world’s third-biggest emitter of carbon dioxide, is targeting annual production of 5 million tonnes of green hydrogen by splitting water using electricity produced from renewable sources such as solar or wind power. Demand for hydrogen is estimated to be 12 million tonnes in 2030.
This green hydrogen will replace the grey…
IOC JV with L&T, ReNew for green hydrogen, electrolyzer
