National Investment and Infrastructure Fund (NIIF)-backed Ayana Renewable Power and Norway-based Greenstat ASA’s subsidiary Greenstat Hydrogen India, have entered into a joint development agreement for development of green hydrogen projects powered by renewable energy in India.
Under this partnership, the companies will develop large-scale green hydrogen solutions, to provide long-term supply of green hydrogen to industrial and commercial customers in the country. An initial pilot project will be launched in Karnataka.
The partnership supports the National Hydrogen Mission with an aim to make India a global hub for production, and export of green hydrogen.
Shivanand Nimbargi, CEO & MD, Ayana, said: “By 2050, India aims to produce three fourth of its hydrogen from renewable energy source. Ayana and Greenstat being specialists in their respective domains, carry the right expertise to facilitate this growth.”
Sturle Pedersen, chairman of Greenstat Hydrogen India, said: “We believe that measures are needed to succeed in the transition from fossil to renewable energy, and green hydrogen molecules will be a key factor in the energy transformation. We strongly believe that cooperation between our companies will have significant contribution to this green shift.”
Ayana Renewable Power, founded in 2018 and headquartered in Bangalore, is one of the largest renewable energy companies in India. It is a majority owned company of the NIIF. British International Investment (formerly CDC Group), the UK’s development finance institution, and EverSource Capital managed Green Growth Equity Fund (GGEF) are other shareholders in the platform.