New Delhi: Mitsubishi Power and Hygenco Green Energies, under the aegis of the Japan International Cooperation Agency (JICA), have inked a Memorandum of Understanding to explore the development of green hydrogen/ammonia-fired gas turbine combined cycle (GTCC) power plants. This strategic initiative is set to unfold both in India and globally, aligning with India’s ambitious National Green Hydrogen Mission.
The collaboration intends to harness Mitsubishi Power’s innovative GTCC technology alongside Hygenco’s supply of green fuel to cater to potential customers, aiming to develop commercially viable green hydrogen and green ammonia production assets. The partnership is facilitated by JICA’s India Office and rides on the back of JICA’s investment in the NEEV II Fund, managed by SBI Ventures Limited (SVL), which invested in Hygenco in October 2022.
SAITO Mitsunori, Chief Representative, JICA India, highlighted the initiative’s alignment with global environmental goals. “This collaboration exemplifies the necessary international cooperation to tackle climate change and foster sustainable growth. We are committed to supporting these initiatives and are keen on the transformative impact of the JICA – Neev Fund co-creation platform,” he stated.
Amit Bansal, CEO, Hygenco Green Energies, elaborated on the global vision of the collaboration. “By synergizing our green fuel supply with Mitsubishi’s cutting-edge technology, we aim to play a pivotal role in the decarbonization of power generation and support the global transition to a sustainable energy future,” he said.
Prem Prabhakar, MD & CEO, SBI Ventures Limited, which manages the NEEV II Fund, spoke about the broader implications of this partnership for India’s energy sector. “Investing in green hydrogen and ammonia production is pivotal for enhancing India’s energy security and meeting its environmental goals. This collaboration is set to introduce innovative energy solutions that are essential for the country’s energy transition,” he noted.
