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Andhra Pradesh aims at $15 bn green hydrogen investment opportunity
06 Sep 2023 CW Team
The New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP) has assessed that there is a $15 billion investment opportunity in the green hydrogen sector within the state. By 2030, Andhra Pradesh aims to produce 500 KTPA (kiloton per annum) of green hydrogen, which can potentially be further processed into derivatives like green ammonia and green methanol. Achieving this target may require an estimated investment ranging from $10 billion to $15 billion.
A significant portion of this investment, roughly around 70%, is expected to be allocated to the development of renewable energy infrastructure, while the remainder will be used for expanding electrolyzer capacity. NREDCAP, in collaboration with the Foreign, Commonwealth, and Development Office under the 'Accelerating Smart Power and Renewable Energy in India' program, has published a white paper highlighting the investment potential in green hydrogen for Andhra Pradesh.
S Ramana Reddy, the Managing Director of NREDCAP, emphasised that Andhra Pradesh currently has a domestic hydrogen demand of 400 KTPA, which accounts for nearly 8% of India's industrial hydrogen demand. This demand is projected to grow at an estimated Compound Annual Growth Rate (CAGR) of 3%.
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