ABC Cleantech Signs Rs 50,000 Cr MoU to Set Up Green Hydrogen Plant in Karnataka

ABC Cleantech recently announced that it had signed a Memorandum of Understanding (MoU) with the Government of Karnataka as part of “INVEST Karnataka 2022” for setting up a green hydrogen production unit. According to the company, this unit will produce 0.2 million tonnes of green hydrogen annually and 1 million tonnes of green ammonia annually, both of which will be integrated with 5 GW of renewable energy projects with an investment of Rs 50,000 crores. Over ten years, this industrial facility is expected to employ roughly 5,000 workers.

Axis Energy Group, one of India’s top producers of renewable energy, includes ABC Cleantech Private Limited. A joint venture platform called “ABC Renewables” for the development of renewable energy projects has been established by Brookfield, one of the largest asset management businesses in the world with over USD 750 billion of assets under their care, and Axis Energy, a Hyderabad-based company. This JV recently completed a 445MWp solar power plant in the State of Rajasthan in record time, and it now has more than 2 GW of projects in various stages of development.

This MoU (green hydrogen) was signed on behalf of the company and the State by the Chairman and Managing Director of ABC Cleantech and the Additional Chief Secretary to the Government of Karnataka, respectively. The ceremony was held with the Honorable Chief Minister, Shri Basavaraj Bommai, present.

Dr. E. V. Ramana Reddy, Additional Chief Secretary for the Government of Karnataka, commented on the collaboration, saying, “Karnataka is proud to be the state with the most business-friendly environment in the nation and the recipient of the greatest amount of foreign direct investment (FDI) in India last year. The goal of “Invest Karnataka 2022″ is to keep luring the best businesses to invest in our wonderful state and benefit from its numerous advantageous policies.”

Invest Karnataka 2022 witnessed India’s leading business groups share their investment vision in the State. The platform also saw JSW and Adani Group reveal their investment plans in Karnataka, which include investing 1 trillion each. That apart, firms such as ACME Solar and ReNew Power have also committed a sum of Rs 50,000 crore into the State.