Green hydrogen the next big opportunity, says ReNew Power's Sumant Sinha as JV with IOC and L&T aims becoming biggest supplier

ReNew Power was in focus after the company recently announced a clean energy joint venture with Indian Oil Corporation and L&T to supply green hydrogen on an industrial scale. To discuss the partnership, the renewable energy space and more, Sumant Sinha, Chairman and CEO of ReNew Power spoke to CNBC-TV18.

Sinha said that these three companies coming together will allow this joint venture will allow become the biggest supplier of green hydrogen solutions over the next many years to come.

“Green hydrogen is the next big opportunity in the energy transition. The idea is to provide green hydrogen to all sorts of consumers of currently grey hydrogen. The partnership between us is very simple. It is a three-way equal joint venture so we each will own one-third of the equity.”

Singha shed light on which entity in the JV will look after which key role.

“Our job is to provide the renewable energy part. L&T has vast engineering expertise and capability. We will be providing the engineering and the solution for the hydrogen part of it. IOC will bring in the customer perspective, and an understanding of what exactly is required from that standpoint. So I think we all bring very complementary skill sets to this partnership,” he said.

In February, the government notified the first phase of green hydrogen policy aimed at boosting the production of green hydrogen and green ammonia. With the ever-increasing oil and gas import bills for countries like India, green hydrogen can help provide crucial energy security by reducing the overall dependence on imported fossil fuels.