REC commits $280 mn to Hygenco’s green ammonia project

Green hydrogen producer Hygenco said that it has entered an agreement with REC Limited for financing Hygenco’s Green Ammonia Project in Gopalpur, Odisha. The state-backed power sector lender will provide upto $280 million for the project.

Hygenco develops and deploys commercial green hydrogen and ammonia production systems. Its applications are used in large-scale process industries, terrestrial and marine transport, and personal mobility. One of their significant achievements is “Project Steel One”, which is India’s first commercial-scale green hydrogen plant.

The Haryana-based company is looking to raise about $400 million by the end of this year. However, it has not disclosed the percentage of stake that would be sold out to investors.