NEW DELHI: The Essar group on Monday announced to invest USD 1.2 billion in India to develop a range of low-carbon energy transition projects in the next five years. The conglomerate, in a statement, said it is going to develop a cost-efficient global supply hub for low-carbon fuels, including green hydrogen and green ammonia.
“Ammonia will be shipped from India to the UK, Europe and globally to meet expanding market demand for green hydrogen,” said Essar Group. It also announced the formation of Essar Energy Transition (EET) to drive the creation of the UK’s leading energy transition hub in North West England. EET will invest USD 3.6 billion in developing a range of low-carbon energy transition projects over the next five years, of which USD 2.4 billion will be invested across its site at Stanlow, between Liverpool and Manchester and USD 1.2 billion in India.
The projects will include a 1 gigawatt of blue hydrogen project being pursued by Vertex Hydrogen in the UK, 1 GW of green ammonia facility targeted in the UK and global markets and develop 1 MT of low carbon biofuels. It said EET’s investment will help deliver on the country’s emerging hydrogen ambition.
“Government’s supportive regulatory framework is designed to help position India as a leading hub of green hydrogen production and exports, as set out in its National Green Hydrogen Mission, approved by the government on January 4 2023,” said the company.