Essar Group to Initiate 1GW Green Hydrogen Project By CIOTechOutlook Team

Essar Group to Initiate 1GW Green Hydrogen Project

CIOTechOutlook Team | Thursday, 11 January 2024, 03:34 IST

As per Prashant Ruia, Promoter Director of Essar Group, the company is establishing a 1-gigawatt green hydrogen plant (1,000 megawatt) in Jamnagar, Gujarat, in addition to expanding its ports and electricity businesses in the western state.

"We are focusing on three to four areas in India. In Gujarat, we are setting up a 1,000 MW green hydrogen project in Jamnagar. Also, we want to expand our existing power and port projects." Ruia said.

In December 2023, Essar signed an MoU with the Gujarat government to develop the project, involving an estimated investment of Rs 30,000 crore, as per ANI.

In early January 2023, the Union Cabinet authorized the National Green Hydrogen Mission, which aims to establish India as a global hub for the manufacture, use, and export of such technologies. India imports a significant amount of its energy needs, and the green hydrogen mission is viewed as an opportunity to minimize reliance on foreign fuel. The initial funding outlay for the mission is Rs 19,744 crore, which covers R&D efforts.

Under this mission, the government aims to increase annual green hydrogen production to 5 million metric tonnes, add renewable energy capacity of about 125 gigawatts, attract over Rs 8 lakh crore in investments, create lakhs of jobs, and, most importantly, reduce fossil fuel imports by over Rs 1 lakh crore.

"I have no doubt about that and within India, obviously Gujarat is playing a very, very important role and as far as Essar is concerned, majority of our investments have always been in Gujarat," Ruia of Essar Group said.

The Essar Group representative Prashant Ruia informed that the company has so far invested more than Rs 150,000 crore in Gujarat. "Obviously, it's been an excellent destination for all kinds of investments."