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.”