India’s oil and gas company ONGC signed a memorandum of understanding (MoU) with Indian renewable group Greenko to create a 50:50 joint venture that will invest INR494bn (US$6.2bn) in renewable energy, green hydrogen and green ammonia projects in India.
The joint venture aims to develop between 5.5 and 7 GW of solar and wind projects, and use the electricity generated from those projects to split water in an electrolyser to produce green hydrogen, which in turn would be used to create green ammonia.
The MoU is in line with India’s National Hydrogen Mission that aims to make the country a global green hydrogen hub. The activities projected under this MoU will contribute towards India’s target of producing of 5 Mt/year of green hydrogen by 2030.