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Business News/ Companies / News/  Italy’s Maire keen on green energy push

NEW DELHI : Italy-headquartered engineering, procurement and construction (EPC) major Maire Group is looking at expanding its footprint in the Indian energy transition space and is eyeing minority stakes in green hydrogen projects, said its chief executive officer (CEO) Alessandro Bernini.

In an interview, the CEO said financial investments along with its technological expertise would give its partners the confidence of likely robust returns from the nascent green hydrogen industry.

Regarding equity investments in the green hydrogen space in the country, he said in order to expedite the final investment, the company is frequently asked to provide a proposal for a financial package as well along with its technical expertise. Noting that the financial proposal must go along with the technological solution, he said that if the project satisfies certain economic requirements, the company would look at making investments with a minority stake.“It sends a strong message to the client as well as to the financial community because it means that if the contractor is ready to risk his own money, it is because he is convinced that the project works, the project will be able to deliver satisfactory results and for sure, of course it is. We have already done this exercise in other regions," he said.

He also said Maire is ready to partner with other interested parties such as the Italian export credit agency for green hydrogen projects in the country.

“We are ready either to participate with our own equity or to bring with us, for example, the Italian export credit agency, which for sure is willing to participate. With their financing of Indian based project, so we are ready to do it. We are evaluating also this possibility among the various projects that we are studying presently." The $1-billion group which has been a major player in the petrochemicals and refinery EPC segment in India, is diversifying into energy transition and sustainable products.

The group has undertaken several green hydrogen initiatives over the past two years in several countries. In India, the group is collaborating with various Indian companies to develop green initiatives through its subsidiaries NextChem and Stamicarbon’s technologies for producing chemicals, ammonia, and hydrogen from renewable feedstock.

It is building a 4.3-tonne-per-day green hydrogen plant in Vijaipur, Madhya Pradesh for the state-run GAIL.

On the carbon capture, utilization and storage (CCUS) front, too, the company is present in the country and has executed five projects in the Indian fertilizer segment helping companies capture carbon and increase urea production.

“Our portfolio on the green (space) is varied. Not only, green ammonia, green hydrogen, we are also into bioplastics, biochemicals and we are into mechanical recycle. So we are also capable to do plastics to chemicals," Bernini said.

He noted that the company would continue to focus on the conventional downstream segment including petrochemicals along with the businesses on the energy transition front.

In March, the company announced its strategic plan for 2023-2032 outlining a new phase in Maire’s industrial cycle. Through the strategic plan the group aims to enhance its presence in the in energy transition space by leveraging sustainable technologies through an integrated engineering and construction approach. The company anticipates a capex of 1 billion euro in a bid to achieve its roadmap for 2023-2032. Last month, the company which was earlier known as Maire Tecnimont, rebranded itself to Maire.


Rituraj Baruah
Rituraj Baruah is a senior correspondent at Mint, reporting on housing, urban affairs, small businesses and energy. He has reported on diverse sectors over the last six years including, commodities and stocks market, insolvency and real estate. He has previous stints at Cogencis Information Services, Indo-Asian News Service (IANS) and Inc42.
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Updated: 09 Jun 2023, 10:02 PM IST
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