The Indian Ministry of New and Renewable Energy (MNRE) has granted an exemption to export-oriented green hydrogen projects from its Approved List of Models and Manufacturers (ALMM) of domestic solar module manufacturers. This move will allow developers to use cheaper imported solar modules, significantly lowering production costs and promoting the expansion of demand for green hydrogen and its derivatives. India plans to produce 5 million metric tons of green hydrogen per annum by 2030, with a focus on exports, as it aims to replace grey hydrogen in the domestic market.
In a statement issued from the Deputy Prime Minister's Office in Dar es Salaam, Doto Biteko urged African countries to tap into the potential of green hydrogen to drive sustainable development, transition to green energy, and lead the global energy revolution. Speaking at the Global African Hydrogen Summit in Windhoek, Biteko emphasized the need for increased energy access and the utilization of available resources such as hydro, natural gas, and renewables. He also highlighted the challenges and opportunities associated with investing in green hydrogen, calling for collaborative efforts and visionary leadership from African governments.
India's largest company, Reliance Industries, plans to shift its twin refineries in Gujarat to use green hydrogen instead of grey hydrogen, as part of its new energy initiative. The company targets 20-gigawatt solar power generation by 2025 and aims to be carbon-neutral by 2035. Reliance will also set up battery and wind turbine manufacturing ecosystems, and has partnered with global companies for its green energy project. Don't miss updates on Fortune India's journey by following us on social media and visit Amazon to purchase the latest article.
The Adani Group's investor presentation revealed that their core infrastructure and utility portfolio has driven phenomenal growth, leading to record-breaking earnings and liquidity. With a cash balance exceeding long-term debt repayments for over 30 months and 84% of EBITDA coming from infrastructure and utility, the conglomerate's future looks stable and predictable. Additionally, their incubating assets, including airports and green hydrogen, are seeing rapid growth and contribute to almost 10% of their EBITDA.
Indian Oil, a public sector oil giant, has handed over a state-of-the-art green hydrogen fuel cell bus to the Indian Army as part of their objective to promote sustainable transportation. A Memorandum of Understanding (MoU) was also signed between the two parties to pioneer the deployment of hydrogen fuel cell technology for heavy-duty e-mobility. The project aims to assess the performance of fuel-cell electric buses in the Delhi NCR region and evaluate the effectiveness and reliability of fuel cell technology for public fleet utilization.
Despite a 10% increase in GAIL's stock this year, foreign brokerage Jefferies has maintained their 'underperform' rating on the natural gas company. They have also set a target price of Rs 150, indicating a downside of over 17% from the current levels. The recent announcement of unchanged natural gas tariffs by PNGRB has also been cited as a potential risk for the company. On the other hand, GAIL plans to commission its first green hydrogen project in India this month, in line with the country's target of reaching 5 million tons of annual green hydrogen production capacity by 2030.
JSW Energy's stock soar as the company's board approves plans to raise up to ₹5,000 crore through Qualified Institutional Placement (QIP). The company's scrip hit a one-year high at ₹543.80 on the BSE, leading to a market capitalization of ₹89,133.20 crore. JSW Energy aims to use the funds to enhance its renewable energy capacity and foray into the new age business of green hydrogen and derivatives. With a promising outlook, brokerage Ventura Securities predicts a 21.9% CAGR growth in revenue and a 3.5x increase in EBITDA by FY26.
Union Minister Jyotiraditya M Scindia has unveiled India's first green hydrogen project in the stainless steel sector. The project, situated in Hisar, is a collaborative effort between Jindal Stainless Ltd and Hygenco. By utilizing green hydrogen in place of fossil fuels, the facility is anticipated to decrease 2,700 MT of carbon emissions annually and 54,000 tons over the next two decades. With the steel industry being one of the major contributors to carbon emissions, this marks a significant step towards India's commitment to #NetZero targets.