Green hydrogen is emerging as a key solution to decarbonize hard-to-abate sectors. However, the key to adoption depends on the availability of renewable energy, large-scale manufacturing of electrolyzers, and off-takers.

On the first day of the Mercom India Renewables Summit 2024 in New Delhi, experts discussed strategies to scale green hydrogen production and create a market for the end product among sectors like steel, refining, and ammonia.

Panelists at the session titled ‘Scaling Green Hydrogen to Build a Competitive Marketplace’ featured Rajat Seksaria, CEO of Green Hydrogen and its Derivatives at Adani New Industries; Chirag Kotecha, CEO of Matrix Gas and Renewables; Prashant Choubey, President of Avaada Group; and Prashant Choubey, President of Avaada Group. Priya Sanjay, Managing Director, Mercom India, moderated the discussion.

The panelists explored the incentives required to scale green hydrogen production and strategies for creating demand from heavy industries like steel manufacturing and oil refining.

Rajat Seksaria of Adani New Industries emphasized the extensive infrastructure required for green hydrogen production. The process demands large tracts of land, high-voltage current connectivity, and significant storage and production facilities.

Additionally, hydrogen transportation necessitates laying pipelines to transport derivatives like ammonia, storage units, and port infrastructure.

He underscored the complexity of these requirements, which involve coordination among multiple agencies.

He said Adani New Industries focuses on controlling the entire supply chain to manage these challenges. Seksaria noted, “Our definition of supply chain starts from land acquisition.”

The company is developing an entire ecosystem, including electrolyzers and transmission infrastructure, to produce over 2 million tons of green hydrogen per annum, primarily in Gujarat, with Mundra port as a key hub.

Chirag Kotecha of Matrix Gas and Renewables discussed his company’s plans under the National Green Hydrogen Mission.

Matrix Gas and Renewables has been allocated 237 MW of capacity under Tranche II. It aims to produce 350 MW of green hydrogen, with Phase I expected to be commissioned by July 2026.

Kotecha said he was optimistic about the potential of green hydrogen and advocated for decentralized production plants to meet large-scale demands, such as green steel production and direct reduced iron projects.

He said his company is poised for high growth but faces challenges related to renewable power availability and regulatory issues.

Kotecha also said incentives for green steel, green ammonia, electrolyzers, and green hydrogen were crucial to overcoming these hurdles. “Previously, we were talking about 1 MW to 5 MW projects. Now we are talking about 250 MW projects,” he said, emphasizing the need for indigenous electrolyzer technology to lower the cost of green hydrogen compared to blue and grey hydrogen.

Prashant Choubey, President of Avaada Group, highlighted India’s competitive advantage in terms of tariff and the need for cost competitiveness in green hydrogen production.

He pointed out that electrolyzers constitute 75% of the production cost, and achieving a $2 per kilogram rate is essential. He stressed the importance of pumped storage, with a major policy expected soon to support 20 GW of pumped storage, 125 GW of renewable energy, and 40 GW of electrolyzers.

He was also optimistic about significant reductions in the levelized cost of hydrogen over the next two to three years.

Sandeep Kashyap of RP Sanjiv Goenka Group said his company had earmarked Odisha for its green hydrogen projects, with a capital expenditure of ₹9 billion (~$107.5 million).

He said the company will source renewable energy from third parties to meet the demand for 6 to 6.5 million tons of green hydrogen. The supportive 2024 policy in Odisha is expected to facilitate these plans.

The insights from industry leaders underscore the multi-faceted approach required to scale green hydrogen and build a competitive marketplace.

Inspire Clean Energy, a Mumbai-based solar asset, operations and maintenance management company, emerged as the winner of Mercom’s Second Startup Pitch Competition for Cleantech Companies, held during the Mercom India Renewables Summit 2024, a flagship annual event where industry leaders converge to discuss the future of clean energy in India.

The company was chosen as the winner for its anti-theft lock, which was designed to eliminate cable theft in large-scale solar projects. With three versions available — Plain Vanilla, Hooter, and IoT Sensor — these devices secure cables, making them hard to remove without triggering alarms or real-time alerts.

Already adopted by major independent power producers, the anti-theft lock prevents costly theft, protects valuable warranties, and reduces overall operations and maintenance costs.

Inspire Clean Energy took home a cash prize of ₹100,000 (~$1,194) and an advertising and marketing package worth $7,500 from Mercom.

This year’s Summit continued its tradition of spotlighting innovative startups in the renewables sector, providing a platform to present their cutting-edge products and solutions to influential industry players, including potential investors, customers, and partners.

The competition featured ten finalists selected from the numerous applications received from across the country. The finalists pitched their ideas to a panel of judges comprising eminent experts and leaders from the renewable energy sector.

The judges were Shishir Garemalla, Head of International Business Development at Kiwa PVEL; Mayank Mohapatra, Corporate Innovation Lead atGoMassive Earth Network; Shankar Sivan, partner at Refex Capital; and Raj Prabhu, CEO & Co-Founder at Mercom Capital Group.

The other nine finalists were Flock Energy, Buyofuel, SuryaLogix, TriNANO Technologies, Sandha Energy Innovations, Prayogik, UrjanovaC, MOTORAMA EV, and Urja Sathi.

All the companies received participation certificates from the Skill Council of Green Jobs, a Government of India Initiative.

The competition highlighted the remarkable capacity of India’s startup ecosystem to innovate and tackle critical challenges. Participants benefited from the opportunity to network with key industry figures, investors, and partners.

Mercom’s startup pitch competition promotes technology, innovation, and entrepreneurship in India’s renewable energy sector.

At the Mercom India Renewables Summit 2024 in New Delhi, Mercom India announced the winners of the fourth annual Mercom India Awards. These prestigious awards honor the exceptional contributions of organizations that are propelling India’s clean energy transition and championing the country’s environmental goals through remarkable innovation and visionary leadership. The awards recognize each project’s uniqueness, challenges, and complexities and their economic and environmental impacts. Union Minister for New & Renewable Energy Pralhad Joshi presented the awards to the winners.

The overarching issues relating to the Indian renewables sector were discussed on the first day of the two-day Mercom India Renewables Summit 2024, an exclusive event that is being held in New Delhi. The event started with a keynote by Raj Prabhu, CEO & Co-Founder at Mercom Capital Group, and Priya Sanjay, Managing Director, Mercom India. The panelists at the session ‘Accelerating India’s Energy Transition: Urgency is the Driving Force’ had an engaging discussion on defining the shape and roadmap for India’s renewable energy future. The session featured Sudeep Jain (IAS), Additional Secretary at the Ministry of New and Renewable Energy; R.P. Gupta, CMD of Solar Energy Corporation of India; Indra Chandra Prasad Keshari, Advisor – Infrastructure and Energy at Adani Green Energy; Sarit Maheshwari, CEO of NTPC Renewable Energy; and Raj Prabhu, CEO & Co-Founder at Mercom Capital Group.

The country’s domestic solar manufacturing sector is experiencing a significant transformation driven by government initiatives and industry commitment. As the country strives for self-reliance in renewable energy production, key stakeholders navigate challenges and opportunities in a rapidly evolving landscape. The insights from the Mercom India Renewables Summit from various industry leaders and government officials provide a comprehensive view of India’s solar manufacturing ecosystem. On the first day of the Mercom India Renewables Summit in New Delhi, panelists at a session, ‘The Rise of Domestic Manufacturing: Strategies to Meet Growing Demand,’ deliberated on the challenges and opportunities for India’s renewable energy manufacturing ecosystem.

Solar EPC and turnkey solution provider Rays Power Infra has raised ₹1.27 billion (~$15.17 million) in equity capital from a clutch of high-net-worth individuals, family offices, funds, and partners in alternative investment funds. The round brings the company’s total funding to nearly ₹2 billion (~$23.89 million). The company maintained a stake dilution of less than 5% with this infusion of capital. The company is preparing to file its financial documents later this year, aiming to raise more money to support its plans to grow by more than 50%.

JSW Neo Energy (JSW Energy), Hero Solar Energy (Hero Future Energies), Vena Energy, Hexa Climate Solutions and Serentica Renewables won significant capacities in Solar Corporation of India’s (SECI) auction to supply 630 MW of firm and dispatchable renewable energy (FDRE) from inter-state transmission (ISTS)-connected projects anywhere in India under FDRE Tranche IV.

JSW Energy quoted the lowest tariff of ₹4.98 (~$0.0595)/kWh to win 230 MW. Hero Solar and Vena Energy also quoted ₹4.98 (~$0.0595)/kWh to win 100 MW each. Hexa Climate and Serentica won 100 MW each by quoting ₹4.99 (~$0.0596)/kWh.

Serentica, however, had quoted 250 MW capacity but won only 100 MW.

Only 630 MW out of the total 1.26 GW was auctioned. SECI had floated the tender for the projects in September 2023.

The lowest tariff discovered in this auction is ~16% less than the tariff discovered in the most recent FDRE auction conducted by SECI and ~7% higher than the tariff discovered in the FDRE auction conducted by NHPC.

The FDRE model of projects aims to achieve 100% round-the-clock renewable energy at an individual project level. The projects will be developed on a build-own-operate basis

The projects must be designed to connect with the ISTS following the regulations set by the Central Electricity Regulatory Commission.

The connection to the grid and metering should adhere to the relevant grid code, grid connectivity standards, and regulations on communication systems for electricity transmission.

Both land and ISTS connectivity will be under the scope of the selected renewable energy developers. Energy Storage Systems must constitute part of the project.

Auctioned solar capacity in India surged to over 25 GW in the first quarter of 2024 from 820 MW in Q1 2023, primarily due to the new bidding guidelines mandating that auctions be conducted within 110 days of bid submission dates.

Subscribe to Mercom’s India Solar Tender Tracker to stay on top of real-time tender activity.

Renewable energy company Adani Green Energy (AGEL) reported that its revenue surged by 24% year-over-year to ₹25.28 billion (~$301 million) in the first quarter of financial year 2025, driven primarily by capacity additions.

The revenue growth was accompanied by a 23% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA), which reached ₹23.74 billion (~$283 million) at an EBITDA margin of 92.6%.

The company also reported a 32% jump in cash profit, which climbed to ₹13.90 billion (~$166 million), underpinned by AGEL’s expanding operational footprint, with its capacity growing by 31% to reach 10,934 MW.

This expansion included greenfield additions of 2,618 MW over the past year, translating into higher energy sales, which rose by 22% to 7,356 million units.

The company’s solar segment maintained a capacity utilization factor (CUF) of 25.4%, supported by 99.4% plant availability. The wind portfolio achieved a CUF of 36.2% with 96.8% plant availability, while the hybrid portfolio demonstrated a CUF of 46% and near-perfect plant availability at 99.7%.

AGEL said it operationalized 250 MW of wind power capacity at Khavda in July 2024, employing India’s largest 5.2 MW wind turbine generators. This addition brings the total operational capacity at Khavda to 2.25 GW.

The company added it remains on track to achieve its target of 50 GW capacity by 2030.

In May, the company secured a $400 million green loan for its under-construction 750 MW solar power projects in Rajasthan and Gujarat from a consortium of five international banks. The consortium will provide financing for projects that will come online by November this year.

Adani Green was also the top utility-scale solar project developer in the calendar year 2023, accounting for 28.9% of the yearly capacity additions, according to Mercom’s India Solar Market Leaderboard 2024. It added 525 MW of solar capacity as a part of a 700 MW wind-solar hybrid power project in Jaisalmer, Rajasthan.

In December 2023, the company secured a follow-on funding of $1.36 billion and enhanced its construction financing pool to $3 billion to fund a 2,167 MW renewable energy park in Khavda, Gujarat.