India's Green Hydrogen Transition Scheme Sees 14 Companies Competing for Rs 5,400 Crore Incentives
Key Ideas
- Fourteen companies, including industry giants like Reliance and ReNew, have submitted bids for India's green hydrogen transition scheme, with a total capacity of 450,000 tonnes.
- The scheme, known as Strategic Interventions for Green Hydrogen Transition (SIGHT), offers incentives totaling Rs 5,400 crore over three years, aiming to boost domestic green hydrogen production and electrolyser manufacturing.
- India's National Green Hydrogen Mission, launched with an initial outlay of Rs 19,744 crore, seeks to develop a green hydrogen production capacity of 5 million metric tonnes per year and add 125 GW of renewable energy capacity.
- The mission under SIGHT supports both domestic manufacturing of electrolysers and green hydrogen production, along with pilot projects in various sectors and the establishment of green hydrogen hubs.
Fourteen companies, including prominent names like Reliance Green Hydrogen and Green Chemicals, ReNew E-Fuels, Waaree Clean Energy Solution, and Avaada Green H2, have participated in the green hydrogen transition scheme in India. The initiative, named Strategic Interventions for Green Hydrogen Transition (SIGHT), witnessed bids for a total capacity of 450,000 tonnes, competing for incentives amounting to Rs 5,400 crore over a three-year period. The scheme aims to enhance the country's domestic green hydrogen production and electrolyser manufacturing capabilities.
The bidding process, overseen by the Solar Energy Corporation of India (SECI), saw a significant response, with companies vying for different quantities of green hydrogen production capacity under the scheme's buckets. The benefits under the scheme provide Rs 50 per kg in the first year, Rs 40 per kg in the second year, and Rs 30 per kg in the third year.
Furthermore, India's National Green Hydrogen Mission, initiated with an initial budget of Rs 19,744 crore, targets the development of a green hydrogen production capacity of 5 million metric tonnes annually, accompanied by an increase of about 125 GW in renewable energy capacity. The comprehensive mission, under the SIGHT scheme, focuses on promoting domestic electrolyser manufacturing, green hydrogen production, pilot projects in emerging sectors, and the establishment of green hydrogen hubs.
The mission signifies a positive step towards sustainable energy development in India, with major industry players actively engaging in green hydrogen initiatives to drive the country's transition towards a greener future.
Topics
Investing
Renewable Energy
Investment
Energy Transition
Green Technology
Manufacturing
Bidding Process
Incentives
Government Scheme
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