India’s Green Hydrogen Gold Rush: Hygenco Nets $105M

The International Finance Corporation (IFC), a member of the World Bank Group, has committed USD 50 million to Hygenco Green Energies to support the development and scaling of green hydrogen projects across India. The investment is aimed at accelerating the country's transition toward cleaner energy sources and strengthening its emerging green hydrogen ecosystem.

The funding forms part of a broader USD 105 million financing package that brings together several global institutions and climate-focused investors, including Siemens Financial Services, the Clean Technology Fund, Frontier Opportunities Fund, and Fullerton Carbon Action Fund. Under the arrangement, IFC will provide USD 25 million from its own account and mobilise an additional USD 25 million through blended finance mechanisms. Siemens Financial Services will contribute USD 25 million, while Fullerton Carbon Action Fund is expected to invest up to USD 30 million.

The financing will support Hygenco Green Energies in developing a portfolio of commercially viable green hydrogen projects and expanding production capacity for green hydrogen and its derivatives, including green ammonia. These low-carbon fuels are expected to play a critical role in decarbonising hard-to-abate sectors such as refining, fertilisers, chemicals, heavy industry, and transportation.

In addition to increasing the availability of affordable and reliable zero-emission energy solutions, the investment is expected to strengthen domestic supply chains, encourage private sector participation, and accelerate the commercialisation of green hydrogen technologies in India.

The initiative aligns closely with India's National Green Hydrogen Mission and broader clean energy objectives, supporting the country's efforts to reduce carbon emissions and enhance energy security. Hygenco also expects the expansion to generate more than 1,000 direct jobs over the next five years, while creating substantial indirect employment opportunities across the green hydrogen value chain, including manufacturing, engineering, logistics, and project development.

News by Rahul Yelligetti.