L&T will operate along the entire green energy value chain; pump $ 2.5 billion in 3-4 years – EQ Mag Pro
Chief engineer Larsen & Toubro is committed to working along the entire green energy value chain and plans to invest up to $ 2.5 billion over the next 3-4 years, a company representative said.
Investments on such a large scale in the green energy sector depend on market development.
The announcement comes after Larsen and Toubro (L&T) plans to become water and carbon neutral by 2035 and 2040 respectively.
“We expect $ 2-2.5 billion of investments to begin in three to four years,” said Subramanian Sarma, the company’s full-time director and senior executive vice president, energy.
The company, which is planning a big move in the clean energy space, intends to start the production of key technological devices, which may include, among others, electrolysers, advanced cell batteries and fuel cells, L&T vice president and head of Green Energy Business Derek said M Shah.
“So it’s part of the value chain,” he explained.
Engineering, procurement and construction (EPC) projects are the other part of the value chain, he said, adding that the company plans to enter large EPC projects in the green energy sector.
“There are a lot of clients that are leaving now. Will it be refineries, or maybe there will be gas authorities, steel mills, “explained Shah.
Indian Oil Corp Ltd, Larsen and Toubro, and ReNew Power have agreed to form a joint venture to develop green hydrogen projects across the country and build on the government’s ambitious plans for the sector.
“We are in a joint venture with two other reputable companies and we intend to be there in the space of development and in our jargon development means that we will create assets through our own investments” – he emphasized.
The company, he said, will also create these green assets and be in this space along the entire value chain.
Leveraging its offshore expertise, the hydrocarbon company is expanding part of the team to focus on emerging business opportunities in offshore wind farms that will respond to renewable energy demand and balance the portfolio.
“Currently it is a team of 15-20 people, but very experienced and competent. We can move quickly between energy, hydrocarbons and the energy segment whenever the opportunity arises. We have great opportunities to add to that, ”said Sarma.
Source: PTI
