Latest news with #SumantSinha
Hans India
2 days ago
- Business
- Hans India
Govt urged to unlock green Hydrogen demand
New Delhi: India has set a bold near-term milestone of creating 5 million metric tonnes (MMT) of green hydrogen production capacity by 2030. However, unlocking green hydrogen demand at scale is critical to achieving this vision, a new report said on Thursday, adding that export opportunities may generate up to 1.1 MMT in green hydrogen demand. However, without a matching push on the demand side, this potential may remain underutilised, according to the joint report by Bain Company, the Confederation of Indian Industry (CII), and Rocky Mountain Institute (RMI). According to the report, blending green hydrogen into current industrial processes like oil refining, fertilizer production, and piped natural gas (PNG) distribution could together create up to 3 MMT of demand by 2030. On the global front, exports of green hydrogen, ammonia, and green steel could contribute another 1.1 MMT, while public procurement of green steel for infrastructure could unlock 0.6 MMT of demand. Blending even small percentages of green hydrogen -- 10 per cent in refining and 20 per cent in fertilisers -- could be achieved with minimal cost increases, the report production costs continue to decline, these blend rates could be scaled up report also highlights opportunities in niche sectors like chemicals, glass, and industries already use hydrogen extensively. Another critical suggestion in the report is leveraging public procurement. By mandating the use of green steel in government projects such as bridges, housing, and railways, the government can act as an anchor customer and create long-term demand green steel, especially to the EU under its new carbon tax rules, could add another 0.13–0.18 MMT. Separately, the Chairman of ReNew, Sumant Sinha,said India needs 40 million tonnes of Green Hydrogen (annually) to achieve the goal of net zero by 2070. He suggested that India needs to replace the use of 6 million tonnes of Grey Hydrogen by Green Hydrogen. He suggested subsidies for boosting Green Hydrogen production in the country. He was of the view that India needs to deal with issues of high cost, GST, long term contracts and demand creation to boost Green Hydrogen in the country.
Time of India
2 days ago
- Business
- Time of India
Blending green hydrogen in refining, fertilisers can unlock 3 MMT demand by 2030: Report
New Delhi: Blending green hydrogen into existing hydrogen consumption in sectors like oil refining and fertiliser production can generate up to 3 million metric tonnes (MMT) of demand by 2030, a new report released by the Confederation of Indian Industry (CII), Bain & Company, and Rocky Mountain Institute (RMI) said on Thursday. The report, From Promise to Purchase: Unlocking India's Green Hydrogen Demand, was launched at the CII International Business Conclave on Green Hydrogen in New Delhi. It outlines strategies to scale demand-side uptake of green hydrogen and meet India's national target of producing 5 MMT annually by the end of the decade. Blending 40 per cent green hydrogen in refining operations could alone unlock up to 2 MMT of demand by 2030, while a 20 per cent blend in the fertiliser sector could add another 0.9 MMT. In piped natural gas (PNG), blending 10 per cent green hydrogen could support 0.1 MMT of demand. 'India's green hydrogen journey is a strategic shift toward energy independence and global competitiveness. The report highlights strategies to transition to green hydrogen which could create a demand of 5 MMT by 2030,' said Sumant Sinha, Chairman, CII Energy Transition and Hydrogen Council, and Chairman and CEO, ReNew. The report also identifies public procurement and export-oriented growth as key additional levers. Mandating 10–15 per cent green steel in public infrastructure could unlock 0.4–0.6 MMT, while exports of green hydrogen and green steel may add 0.8–1.3 MMT to demand. According to Bain & Company's Oil and Gas practice leader Sachin Kotak, while supply momentum is strong, 'demand-side interventions will be essential to translating this ambition into reality.' In niche sectors like chemicals, glass, and ceramics, green hydrogen substitution could reach 0.07 MMT by 2030 with a 20 per cent shift from grey hydrogen. Smaller companies in these sectors already face high procurement costs for grey hydrogen, making green hydrogen a cost-neutral option. Vineet Mittal, Co-chairman of the CII Energy Transition and Hydrogen Council and CMD, Avaada, said the report 'highlights sector-specific and demand-side opportunities' and points to critical catalysts such as low-cost financing and offtake security. The report notes that India could generate export demand of 0.8–1.1 MMT of green hydrogen by capturing 5–7.5 per cent of global import demand. Green steel exports to the EU, driven by the Carbon Border Adjustment Mechanism, could add another 0.13–0.18 MMT. 'Purchase obligations for fertiliser and refining, calibrated to rise with falling costs, can anchor additional volumes,' said Jagabanta Ningthoujam, Principal, RMI. India currently exports 3.3 MT of steel to the EU, which is expected to rise to 4.5 MT by 2030. If 50–70 per cent of this transitions to green steel, it could significantly contribute to the green hydrogen uptake, the report said. The report calls for long-term offtake agreements, blended finance, carbon pricing frameworks, hydrogen hubs, and international certification to enable full-scale adoption and project viability.
Mint
5 days ago
- Business
- Mint
ReNew's profit surges fivefold to ₹313.7 crore in Q4
New Delhi: Nasdaq-listed ReNew Energy Global Plc on Monday reported a fivefold year-on-year jump in its profit in the quarter ended March. The net profit for the fourth quarter of FY25 stood at ₹ 313.7 crore ($37 million) compared with ₹ 60.9 crore ($7 million) a year earlier, according to the company's filing to the US Securities and Exchange Commission. The increase was primarily 'driven by higher operating revenues, external sales from our module and cell manufacturing operations, and lower tax incidence, partially offset by higher scale linked financing costs & depreciation, including costs attributable to external sales from our module and cell manufacturing operations, and lower resource availability," the filing said. ReNew Energy's total income during the period under review was ₹ 3,439.1 crore, nearly 39% higher than ₹ 2,477.6 crore a year earlier. The total revenue includes external sales from the module and cell manufacturing operations worth ₹ 991.4 crore. For the financial year 2024-25, the company reported a total income of ₹ 10,907 crore, compared with ₹ 9,653.1 crore in FY24. As of 31 March 2025, ReNew Energy said its portfolio comprised 17.3 gigawatts (GW) of green energy capacity, compared to 13.5 GW a year earlier. In the ongoing financial year (FY26), the company has signed 1.2 GW of power purchase agreements, taking the total portfolio to 18.5 GW along with a 1.1 GWh battery energy storage system. In addition, the company has 6.5 GW of solar module manufacturing and 2.5 GW of cell manufacturing. On the proposed delisting, the company said that a special committee led by Manoj Singh, the lead independent director and comprising six independent non-executive ReNew directors, would consider the non-binding proposal and the active discussions are ongoing with the consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Ltd (trustee for the Platinum Cactus A 2019 Trust, a wholly owned subsidiary of the Abu Dhabi Investment Authority), and Sumant Sinha, the founder, chairman and CEO of ReNew. The consortium had offered to acquire the listed shares of ReNew. On 11 December 2024, the company announced that it had received the non-binding proposal to acquire the entire share capital not already owned by members of the consortium for $7.07 per share. The special committee has retained an independent financial advisor, Rothschild & Co, and independent legal counsel Linklaters LLP, the statement said. 'Active discussions with the Consortium are ongoing and the Special Committee will provide an update to the market on the outcome as soon as reasonably practicable."
Mint
5 days ago
- Business
- Mint
ReNew's profit surges fivefold to ₹313.7 crore in Q4
New Delhi: Nasdaq-listed ReNew Energy Global Plc on Monday reported a fivefold year-on-year jump in its profit in the quarter ended March. The net profit for the fourth quarter of FY25 stood at ₹ 313.7 crore ($37 million) compared with ₹ 60.9 crore ($7 million) a year earlier, according to the company's filing to the US Securities and Exchange Commission. The increase was primarily 'driven by higher operating revenues, external sales from our module and cell manufacturing operations, and lower tax incidence, partially offset by higher scale linked financing costs & depreciation, including costs attributable to external sales from our module and cell manufacturing operations, and lower resource availability," the filing said. ReNew Energy's total income during the period under review was ₹ 3,439.1 crore, nearly 39% higher than ₹ 2,477.6 crore a year earlier. The total revenue includes external sales from the module and cell manufacturing operations worth ₹ 991.4 crore. For the financial year 2024-25, the company reported a total income of ₹ 10,907 crore, compared with ₹ 9,653.1 crore in FY24. As of 31 March 2025, ReNew Energy said its portfolio comprised 17.3 gigawatts (GW) of green energy capacity, compared to 13.5 GW a year earlier. In the ongoing financial year (FY26), the company has signed 1.2 GW of power purchase agreements, taking the total portfolio to 18.5 GW along with a 1.1 GWh battery energy storage system. In addition, the company has 6.5 GW of solar module manufacturing and 2.5 GW of cell manufacturing. On the proposed delisting, the company said that a special committee led by Manoj Singh, the lead independent director and comprising six independent non-executive ReNew directors, would consider the non-binding proposal and the active discussions are ongoing with the consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Ltd (trustee for the Platinum Cactus A 2019 Trust, a wholly owned subsidiary of the Abu Dhabi Investment Authority), and Sumant Sinha, the founder, chairman and CEO of ReNew. The consortium had offered to acquire the listed shares of ReNew. On 11 December 2024, the company announced that it had received the non-binding proposal to acquire the entire share capital not already owned by members of the consortium for $7.07 per share. The special committee has retained an independent financial advisor, Rothschild & Co, and independent legal counsel Linklaters LLP, the statement said. 'Active discussions with the Consortium are ongoing and the Special Committee will provide an update to the market on the outcome as soon as reasonably practicable." The statement said the ReNew executive management's primary focus will be to continue to ensure the effective management of the company, in addition to helping evaluate the process as required by the special committee.
Yahoo
19-05-2025
- Business
- Yahoo
ReNew to invest $2.5bn in Indian hybrid renewable energy
ReNew Energy Global has unveiled plans to invest Rs220bn ($2.5bn) in one of India's largest hybrid renewable energy projects. The project will be situated in the Anantapur district in the state of Andhra Pradesh and offer a generation capacity of roughly 2.8GW. The hybrid initiative will consist of 1.8 gigawatts peak of solar power and 1GW of wind power, complemented by a 2 gigawatt-hour (GWh) battery energy storage system (BESS). The project is poised to become one of the most extensive renewable energy complexes at a single location in India. Andhra Pradesh Minister for Information Technology Nara Lokesh laid the foundation stone for the project along with ReNew's founder, chairman and CEO Sumant Sinha. The initial phase will feature the establishment of 587 megawatts peak (MWp) of solar and 250MW of wind energy capacity, along with a 415 megawatt-hour BESS. Agreements for power purchases (PPAs) for the first phase have already been finalised, with additional capacity planned for future phases. The project aims to improve peak demand management through a substantial BESS, providing power for up to four peak hours each day. In line with the Make in India initiative, the project will employ 100% domestically produced solar panels sourced from ReNew's manufacturing facilities in Jaipur and Dholera. Solar tracking systems and waterless robotic cleaning for solar panels will be utilised to enhance generation and conserve water resources. ReNew currently manages a portfolio of 717MW of operational wind capacity and 60MW of solar capacity across ten locations in Andhra Pradesh. Lokesh stated: 'This project is directly aligned with Andhra Pradesh's integrated clean energy policy and contributes to India's 500GW non-fossil fuel goal by 2030. The project is a testament to Andhra Pradesh's resurgence as a national leader in clean energy. 'We are building not just capacity, but also credibility and global investor confidence. I commend ReNew for this project and would look forward to more such investments in the future.' The new initiative will create 1,500 direct and indirect jobs, aiding the state's ambitious renewable energy objectives. Sinha stated: 'The state of Andhra Pradesh presents an attractive mix of investor-friendly policies, excellent transmission connectivity and abundant availability of solar and wind resources. 'We are highly optimistic about developing large-scale renewable energy capacity in the state to contribute to the Honourable Prime Minister's commitment of achieving the target of 500GW of non-fossil fuel electricity generation capacity by the year 2030.' "ReNew to invest $2.5bn in Indian hybrid renewable energy" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
