Hygenco Secures $280mn Financing from REC for its Green Ammonia Project

Hygenco Green Energies Pvt Ltd, a leading player in the green hydrogen sector, has entered into a memorandum of understanding (MoU) with REC Limited to finance its Green Ammonia Project in Gopalpur, Odisha. The agreement has been signed at the 4th Global Re-Invest summit in Gandhinagar, Gujarat

As part of this MoU, REC Limited will provide up to $280 million in funding to Hygenco Green Energies. This financing is aimed at supporting Hygenco’s ambitious plan to establish a large-scale green ammonia facility in Odisha, which aligns with the company's broader strategy to reduce carbon emissions and support India’s clean energy transition. Hygenco plans to invest around $2.5 billion over the next few years in green hydrogen and ammonia projects across the country.

Commenting on this, Hygenco's Co-Founder and CEO Amit Bansal said, “We are committed to contributing to India’s energy security and aligning with the government’s Aatmanirbhar Bharat vision. Our green projects will not only help decarbonize industries but also create a more sustainable future.”