ReNew is considering a Rs 26,400 crore investment for a green hydrogen project in Kerala. The project, with a capacity of 220 kilo-tonnes-per-annum (KTPA), aims to produce 1,100 KTPA of green ammonia. Fueled by a 2 GW capacity electrolyzer, it will derive power from 5 GW to 6 GW renewable energy plants, generating 14,000 million units of power annually. Located near the Vizhinjam port, the project intends to render the produced green hydrogen suitable for export. The implementation is planned in three phases, with the first phase having a capacity of 100 KTPA of green hydrogen derivative, followed by phases 2 and 3 with 500 KTPA capacity each.

The anticipated duration for each phase ranges from 36 to 42 months. An investment of Rs 26,400 crore, excluding the renewable energy captive generation facility, is expected for the project. Approximately 50 million liters of water per day are projected to be required, and the initiative is estimated to provide employment for 4,000 to 5,000 skilled and unskilled workers, with a workforce of 18,000 during the construction phase.

In November 2022, ReNew also inked a framework agreement with Egypt for a green hydrogen plant in the Suez Canal Economic Zone, involving an $8 billion investment. This aligns with India's National Green Hydrogen Mission, which aims to establish a 5 MTPA green hydrogen production capacity by 2030 and promote the export of green hydrogen and its derivatives. Green hydrogen production, characterized by zero carbon emissions, is considered a preferable method for decarbonizing industries that heavily rely on hydrogen. Currently, 93% of hydrogen consumption occurs in refineries and fertilizers, but by 2030, hydrogen is expected to play a significant role in sectors such as steel, mobility and fuel blending.