ACME Group to invest $6.7 billion in green hydrogen project in Karnataka

The ACME Group's investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel

Munsif Vengattil( with inputs from Reuters)
Published6 Jun 2022, 04:25 PM IST
Advertisement
The green hydrogen and ammonia plant, which will create about 2,000 jobs, will have the capacity to produce 1.2 million tonnes per annum(Photo: Bloomberg)

Renewable energy firm ACME Group will invest 52,000 crore ($6.70 billion) in Karnataka over five years to set up a green hydrogen and ammonia plant, the state government said on Monday.

Advertisement

The investment comes as India aims to manufacture five million tonnes of green hydrogen annually by 2030 to meet its climate targets and become a production and export centre for the fuel.

The green hydrogen and ammonia plant, which will create about 2,000 jobs, will have the capacity to produce 1.2 million tonnes per annum. It will also have a solar power unit attached.

Green hydrogen, produced using renewable energy, has some of the best environmental credentials among cleaner-burning fuels. The zero-carbon fuel is made using renewable power from wind or solar sources to split water into hydrogen and oxygen.

While green hydrogen is not currently made in India on a commercial scale, Indian businessmen Mukesh Ambani and Gautam Adani have announced plans to produce it.

Advertisement

Earlier in May, Karnataka signed a $6.4 billion agreement with U.S.-listed ReNew Power over a 7-year period on energy projects in the state.

India, with a population more than three times larger than the European Union, has a much lower per capita energy consumption, but among the fastest rates of energy demand growth in the world.

 
Catch all the Industry News, Banking News and Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
Business NewsIndustryEnergyACME Group to invest $6.7 billion in green hydrogen project in Karnataka
First Published:6 Jun 2022, 04:25 PM IST
Read Next Story
HomeMarketsPremiumInstant LoanGet App