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Essar Group to invest in green hydrogen plant, unveils broader clean energy strategy

19 Jun 2024 16:41 reported by Yuri Song

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Essar Group plans to invest Rs 30,000 crore over the next four years to establish a green hydrogen plant in Jamnagar, Gujarat. Prashant Ruia, director of Essar Capital, revealed the group's broader strategy to decarbonize its UK refinery, build a green steel plant in Saudi Arabia, and develop an LNG and electric ecosystem to reduce emissions from heavy trucks.

Essar Future Energy aims to develop 1 gigawatt of hydrogen capacity and 1 million tons per annum of green molecules in Jamnagar, utilizing 4.5 GW of renewable energy from Essar Renewables. This hydrogen will primarily support biofuel production for export.

The conglomerate also plans to expand its electricity generation to 10,000 MW in the next 3-5 years, including a 1,600 MW addition to its Salaya-DevBhoomi Dwarka thermal power plant. In green mobility, Essar is enhancing its LNG and electric truck fleet to reduce transportation emissions.

Additionally, Essar's ventures include coal seam gas production in West Bengal and exploring shale gas opportunities. The group is also investing US$3.6 billion to decarbonize its Stanlow refinery in the UK and USD 4 billion for a green steel plant in Saudi Arabia.

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