JSW Future Energy Ltd., a wholly-owned subsidiary of JSW Energy has entered into an agreement with Australian Fortescue Future Industries Pty Ltd, a unit of Fortescue Future Industries Pty Ltd (FFI), to collaborate on potential projects relating to the production of green hydrogen and utilising it for green steel making, hydrogen mobility, green ammonia and other applications in India.
Solar and wind plants can produce green hydrogen with the help of electrolysers, and JSW Energy’s collaboration aligns with its plan to expand the renewable energy share in its portfolio to 85percent by 2030 from the current 30 percent.
The announcement closely follows the central government unveiling its plans of imposing domestic green hydrogen consumption obligations on user industries. The country currently consumes about around 6 million tonnes of hydrogen annually.
The collaboration will enable both parties to explore opportunities to tap into the significant clean energy market opportunity in India and be a front-runner in a future hydrogen economy, an official statement said.
JSW Energy has laid out a strategic blueprint to becoming a 20Gigawatt (GW) capacity power generating company by 2030 with about 85 percent of the portfolio comprising green and renewable energy sources.
“We also aspire to be a green energy future tech company with a proactive approach to adopt innovative technologies like green hydrogen, offshore wind, battery energy storage and be a front-runner in the green energy revolution. Green hydrogen is going to be a disruption in the clean energy space and in the near future, we believe it will replace fossil fuels used for various industrial applications as well as in the transportation and mobility sector,” JSW Energy joint managing director and CEO Prashant Jain said.