ABC cleantech signs MOU with Karnataka Government for setting up green hydrogen facility with an investment of 50,000 crores – EQ Mag Pro
Bengaluru : ABC Cleantech today announced that it had signed a Memorandum of Understanding (MoU) with the Government of Karnataka as a part of ‘INVEST Karnataka 2022’ for setting up a green hydrogen production unit of 0.2 million tons/annum and 1 million tons/annum of Green Ammonia integrated with 5 GW of Renewable Energy Projects with an investment outlay of Rs. 50,000 crores. This manufacturing unit is proposed to generate employment for about 5,000 people over 10 years.
The Chairman and Managing Director of ABC Cleantech and the Additional Chief Secretary to Government of Karnataka, entered this MoU representing the Company and the State respectively. The ceremony was conducted in the presence of the Hon’ble Chief Minister, Shri Basavaraj Bommai.
Commenting on the partnership, Dr. E. V. Ramana Reddy, Additional Chief Secretary, Government of Karnataka, said, “Karnataka had the pride of getting the largest Foreign Direct Investment (FDI) in India last year and it is also the number one state in the country for the ease of doing business. The purpose of‘Invest Karnataka 2022’ is to continue attracting the best businesses to invest in our great state and partake of its many beneficial policies.It is clear today that renewable energy is the only way equitable development and environmental balance can be ensured which will help our state to create a safe and healthy world for future generations. By generating jobs and livelihoods, we hope to contribute in a more meaningful manner to the people of Karnataka. I wish this venture all the success.”
Speaking on the occasion, Mr. Ravi Kumar Reddy, CMD, ABC Cleantech, remarked, “We, along with our partners, are deeply honoured to be a part of the INVEST Karnataka 2022. I am confident that this proposal would help the country to move towards a net-zero carbon economy while at the same time contributingto the local economy. The employment opportunities that this project would generate in the State of Karnataka, particularly where this project is proposed to be set up should be a boost for the state’s well-being as well. I look forward to the opportunity of working with the government of Karnataka and thank the people and the administration for the trust and cooperation that has made this possible.”
ABC Cleantech Private Limited is a part of Axis Energy Group which is one of the leading renewable energy players in the country. Axis Energy, a Hyderabad-based company, in partnership with Brookfield. which is one of the world’s largest asset management companies with over USD 750 billion of assets under their management, have together setup a joint venture platform “ABC Renewables” for developing renewable energy projects. This JV has a pipeline of more than 2 GW of projects under various stages of implementation and it recently commissioned a 445MWp solar power project in the State of Rajasthan in record time. This was a bid bagged by the company from NTPC.
