Page 128 - CW E-Magazine (1-10-2024)

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PROJECT FINANCING

REC to fi nance Hygenco’s green ammonia project

in Odisha

Hygenco Green Energies Pvt. Ltd.,
a Gurgaon-based green hydrogen pro-
ducer, has entered into a MoU with
REC Ltd. for fi nancing Hygenco’s
green ammonia project in Gopalpur,
Odisha. The MoU was formalised dur-
ing the 4th Global Re-Invest held in
Gandhinagar, Gujarat, recently.

REC will fund up to $280-mn for
the project, even as Hygenco is plan-
ning to invest about $2.5-bn towards
its green hydrogen and green ammonia
projects across India in the next few
years.
2022, it signed India’s fi rst-ever com- developer has also signed agreements
In March 2024, Hygenco commis- mercial long-term offtake agreement with major companies including Ster-
sioned India’s fi rst commercial green for green hydrogen for the Hisar based lite Technologies to supply green
hydrogen plant in Hisar, Haryana. In project with Jindal Stainless. The hydrogen.

EXPORTS
AM Green Ammonia enters into supply pact with RWE

RWE Supply & Trading has signed between RWE and AMG will detail the
a Memorandum of Understanding contractual provisions.
(MoU) with AM Green Ammonia B.V.
(AMG) for the long-term supply of “RWE is committed to investing in
green ammonia from its plants based hydrogen and its low-carbon deriva-
in India. The MoU outlines the supply tives to help industries achieve their
of up to 250-ktpa of green ammonia climate goals. For this end, we are
sourced from AMG’s production sites building strong supply chains with
in Kakinada and Tuticorin. partners globally. Partnering with AMG
allows us to secure green ammonia
Initially, 50-kt of green ammonia standards for Renewable Fuels of Non- capacities at an early stage,” said
will be sourced from the Kakinada Biological Origin (RFNBO) as defi ned Mr. Costas Papamantellos, Head of
site, with the remaining 200-kt will be in the Renewable Energy Directive International Hydrogen Investments at
sourced from the Tuticorin facility. (RED III). AMG’s facility in Kakinada RWE Supply & Trading.
has already been pre-certified for
AMG is a subsidiary of the AM RFNBO compliance. Pre-certifi cation “This agreement emphasises AM
Green Group. Its ammonia manufactur- for other facilities is underway. Green’s ability to align itself with an
ing facilities will be powered entirely innovative and fl exible contracting
by carbon-free energy sources such as Deliveries of green ammonia from structure in line with commodity trad-
solar, wind, and hydroelectric power. AMG’s sites are expected to start by ing practices,” said Mr. Mahesh Kolli,
The produced ammonia will meet EU 2027. A subsequent offtake agreement Group President of AM Green.

128 Chemical Weekly October 1, 2024

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