L&T to invest up to $2.5 billion in green energy
With large Indian conglomerates, including Reliance Industries, Adani Group and JSW Group, making big plans to enter the new energy space, Larsen & Toubro (L&T) has said they are planning to invest up to $2.5 billion in green energy.
The company will be investing in producing green hydrogen fuel, manufacturing critical components such as electrolysers and advanced cell batteries and undertaking engineering, procurement and construction (EPC) projects in the space.
“The world wants to see green products and by reducing the carbon footprint, we reduce the global warming problem. Within two to three years, we expect to see huge momentum in the sector. The company is looking for an investment of up to $2.5 billion over the next three to four years,” Subramanian Sarma, Whole-time Director and Senior Executive Vice-President (Energy), L&T, said on the sidelines of a media event at Hazira in Gujarat.
Towards carbon neutrality
The company commissioned its first green hydrogen plant at Hazira on Saturday. The plant is designed for an electrolyser capacity of 800kW that comprises both alkaline (380 kW) and polymer electrolyte membrane (PEM) (420 kW) technologies. The plant will reduce the carbon footprint by 300 tonnes per annum, as a step towards the company’s goals to achieve carbon neutrality by 2040 and water neutrality by 2035.
The company is also working on moving big into the green and clean energy space and has formed a joint venture with the Indian Oil Corporation and ReNew for the development of green hydrogen. “We intend to manufacture electrolysers and large plants in the future through the joint venture," said Sarma.
Offshore wind farming
Meanwhile, L&T has also formed a dedicated team to focus on business opportunities in offshore wind farms that will look after the renewable energy requirements. “Offshore wind farming is done commonly in Europe and a big part of their renewable energy comes from it. There is a lot of study being undertaken in the area and likely alongside the coasts of Gujarat and Tamil Nadu, the wind velocity is very high. Currently, 15 to 20 people and a dedicated team with experienced people are working on it and once we get the opportunities, we can ramp up,” Sarma added.
The company will be investing in producing green hydrogen fuel, manufacturing critical components such as electrolysers and advanced cell batteries and undertaking engineering, procurement and construction (EPC) projects in the space.
“The world wants to see green products and by reducing the carbon footprint, we reduce the global warming problem. Within two to three years, we expect to see huge momentum in the sector. The company is looking for an investment of up to $2.5 billion over the next three to four years,” Subramanian Sarma, Whole-time Director and Senior Executive Vice-President (Energy), L&T, said on the sidelines of a media event at Hazira in Gujarat.
Towards carbon neutrality
The company commissioned its first green hydrogen plant at Hazira on Saturday. The plant is designed for an electrolyser capacity of 800kW that comprises both alkaline (380 kW) and polymer electrolyte membrane (PEM) (420 kW) technologies. The plant will reduce the carbon footprint by 300 tonnes per annum, as a step towards the company’s goals to achieve carbon neutrality by 2040 and water neutrality by 2035.
The company is also working on moving big into the green and clean energy space and has formed a joint venture with the Indian Oil Corporation and ReNew for the development of green hydrogen. “We intend to manufacture electrolysers and large plants in the future through the joint venture," said Sarma.
Offshore wind farming
Meanwhile, L&T has also formed a dedicated team to focus on business opportunities in offshore wind farms that will look after the renewable energy requirements. “Offshore wind farming is done commonly in Europe and a big part of their renewable energy comes from it. There is a lot of study being undertaken in the area and likely alongside the coasts of Gujarat and Tamil Nadu, the wind velocity is very high. Currently, 15 to 20 people and a dedicated team with experienced people are working on it and once we get the opportunities, we can ramp up,” Sarma added.
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