Hygenco signs financing MoU for Odisha green ammonia project

Indian green hydrogen and ammonia project developer Hygenco Green Energies has lined up up to USD 280 million (EUR 252m) in financing from REC Limited for its green ammonia project in Gopalpur, Odisha.

Hygenco on Tuesday announced the signing of a memorandum of understanding (MoU) with REC, previously Rural Electrification Corporation Limited, for the funds. The deal was formalised during the fourth Global Re-Invest event in Gandhinagar, Gujarat.

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The financing will support Hygenco’s plans to invest about USD 2.5 billion in green hydrogen and green ammonia projects across India in the next few years.

In June, Hygenco and Swiss agriproducts merchant Ameropa signed a term sheet for the potential supply of green ammonia from Hygenco’s Gopalpur project.

(USD 1 = EUR 0.899)