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Agricultural

16 June 2026

Funding secured for green ammonia plant

The International Finance Corporation, Siemens Financial Services and Fullerton Carbon Action Fund have signed definitive agreements for a total equity investment of $105 million in Hygenco Green Energies. The investment will support the development of multiple commercial green hydrogen projects which Hygenco aims to deliver as part of India’s National Green Hydrogen Mission. Hygenco broke ground last year on a 600 t/d green ammonia plant in Gopalpur Industrial Park, Odisha, which is due for completion in 2027, with a second phase taking it to 1.1 million t/a of production in 2028.

Amit Bansal, Co-Founder and CEO of Hygenco, commented: “We are thrilled to partner with IFC, Siemens and Fullerton on our growth journey. This $105 million equity investment showcases the deep confidence of marquee institutional investors in our green hydrogen innovation and execution capabilities.”

Steffen Grosse, CEO of Equity Finance, Siemens Financial Services, followed: “We are pleased to invest alongside IFC and Fullerton in support of Hygenco’s next phase of growth, deploying our financial expertise and innovative technology to advance commercial-scale green hydrogen infrastructure in India. Along with Siemens’ integrated automation solutions to help accelerate enhanced production efficiency, this investment underscores our commitment to financing the next generation of sustainable infrastructure required to decarbonise hard-to-abate industries worldwide.”

Daniel Morris, Head of Clean Energy, Climate Investment Funds, concluded: “This transaction is exactly the kind of frontier investment CIF catalytic funding is designed to support. CIF’s Clean Technology Fund tackles multiple types of risk, crowds in private capital and helps fast-growing economies like India scale the clean energy capacity their future will be built on.”

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