Larsen & Toubro (L&T) has announced a partnership agreement with ReNew Power to tap the emerging green hydrogen business in India.
Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India.
ReNew Power is one of the largest renewable energy independent power producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of 15 November 2021, ReNew had a total capacity of approximately 10.3 GW of renewable energy projects across India, including commissioned and committed projects.
Commenting on this partnership, S N Subrahmanyan, CEO & MD of Larsen & Toubro, 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. We believe that green hydrogen is a promising alternate fuel and an important lever for achieving a cleaner future."
"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," Subramanian Sarma, whole-time director & senior executive vice president (energy), Larsen & Toubro, said.
Green hydrogen produced by splitting water into hydrogen and oxygen in an electrolyzer by using renewable-powered electricity can enable the world to meet its net zero emissions targets. Many countries, including India (through its National Hydrogen Mission), have announced specific policy interventions to push for the widespread adoption of green hydrogen.
For countries like India, with its ever-increasing energy import bill, it can also provide energy security by reducing the overall dependence on fossil fuels. It is also expected to provide a green alternative for "hard-to-abate" industries, like refineries, fertilizers, steel and transport.
L&T is an Indian multinational engaged in EPC projects, hi-tech manufacturing and services.
The company's consolidated net profit fell 67.04% to Rs 1819.45 crore on 12.05% increase in net sales to Rs 34772.90 crore in Q2 FY22 over Q2 FY21.
Shares of L&T were up 0.02% at Rs 1786.40 on BSE.
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