Larsen and Toubro and ReNew Power have formed a partnership agreement to develop green hydrogen projects in India.
Under the terms of the agreement, both companies will jointly build, own, execute and operate new sites within the country.
Larsen and Toubro has expertise in the engineering and construction of various industry projects, while ReNew has experience in the development of renewable energy projects.
The developers said that this synergistic partnership will be committed to tapping into the emerging opportunity that could call for investments upward of €53bn.
It is anticipated that green hydrogen demand in India for applications such as refineries, fertilizers and city gas grids will grow up to 2 million tonnes a year by 2030, the companies added.
Larsen and Toubro chief executive officer and manging director S N Subrahmanyan said: “This partnership with ReNew is a significant milestone in the journey towards building a green energy portfolio for L&T.
“It is synergistic and brings together the impeccable track record of L&T in designing, executing, and delivering EPC projects and the expertise of ReNew in developing utility-scale renewable energy projects.
“L&T is extremely keen to add value in this space beyond the traditional EPC approach and is looking forward to working with ReNew.”
ReNew chairman and chief executive officer Sumant Sinha said: “We are delighted to be partnering with L&T for the green hydrogen business.
“Green hydrogen will be a key driver of the transition to cleaner sources of energy and this
partnership between ReNew and L&T, will allow both companies to pool their knowledge, expertise and resources to take maximum advantage of this transition.
“I expect this partnership to set new benchmarks in the Indian renewable energy space and
look forward to working together with L&T.”
Larsen and Toubro whole time director and senior executive vice president for energy Subramanian Sarma said: “This partnership will strategically place L&T and ReNew in a position to offer green hydrogen solutions to the industry.
“We are already looking at some interesting opportunities in the Indian market for green
hydrogen and we intend to capitalize on them by developing end-to-end competitive
solutions. In that effort, we are excited to secure a partnership with ReNew who brings
its renewable energy development expertise to the table.
“Combined with our expertise in the EPC space, I am confident that this partnership will contribute to a sustainable and eco-friendly profitable growth.”