ONGC, Greenko ink MoU to produce green hydrogen
New Delhi: State-run ONGC signed a Memorandum of Understanding (MoU) with Greenko ZeroC (Greenko) to jointly pursue opportunities in renewables, green hydrogen, green ammonia and other derivatives of green hydrogen. The MoU, valid for two years, was inked by ONGC Director (onshore) Anurag Sharma and Greenko CMD Anil Kumar Chalamalasetty, in the presence of HS Puri, Minister for Petroleum and Natural Gas on Tuesday.
Secretary (MoP&NG) Pankaj Jain, ONGC CMD Dr Alka Mittal, along with ONGC Director (Finance) Pomila Jaspal, and other senior officials from MoP&NG, ONGC and Greenko were also present.
"This MoU is in line with the National Hydrogen Mission, launched by the Prime Minister Narendra Modi, in making India a global green hydrogen hub. The activities envisaged under this MoU will contribute towards India's target of producing 5 million tonnes of green hydrogen per annum by 2030," ONGC said in an official statement.
Further, it mentioned, "This MoU will also act as a stepping stone for ONGC to achieve renewable energy targets as per its Energy Strategy 2040. As the share of renewables in the energy mix is rising driven by cost competitiveness, climate change awareness and a strong regulatory push, ONGC aims to meet its objectives such as de-risking of the portfolio against long-term disruptions and reducing carbon footprint by moving into the renewables space."
Greenko is one of India's leading renewable energy companies and ONGC, the largest crude oil and natural gas company in India with a net worth of $30 billion.
"There is an urgent need to have green energy solutions to indigenously meet our ever-increasing energy requirement. In this direction, India has launched the Green Hydrogen Mission and set an ambitious target to produce 5 MMTPA of Green hydrogen over the next decade requiring about 175 GW of electrolyser capacity," ONGC officials said.
The companies aim to form a JV to set up a 1.3 GW green Hydrogen plant to produce 1 MMTPA of green ammonia. This will require about 5.5 – 7.0 GW of Solar + Wind RE power coupled with Greenko's pump storage power generation system to give 1.4 GW of RTC (Round-The-Clock) renewable power.
The green Ammonia, so produced, is intended to be sold in the European and Japan-Korea markets, where there is a high demand for green energy. Marketing of green Ammonia shall be done through a conventional Ammonia supply chain, which is well established. The project shall draw Carbon credit advantage and the developers are confident of generating positive net cash flows, the officials claimed.
