Kerala’s ambitious Kochi Green Hydrogen Valley project is set to receive a total capital expenditure of ?185.42 billion. This investment aims to establish green hydrogen and ammonia plants, along with renewable energy infrastructure. The project roadmap outlines ?41.66 billion for electrolyser and ammonia plants, and ?126.87 billion for renewable energy development. Additional funding of ?6.69 billion will be allocated for pilot projects, with an extra ?51.30 billion required during the scale-up phase. The government is expected to contribute ?7.31 billion for various infrastructure needs, including ?450 million for techno-commercial assessments, ?3.51 billion for transmission infrastructure, ?2.64 billion for pipeline and refueling infrastructure, and ?700 million for offtake infrastructure. The total green hydrogen subsidy needed to bridge the viability gap ranges from ?10.55 billion to ?29.08 billion in phases II and III, respectively. Investments required for hydrogen production, infrastructure development, and transmission grid are pegged at ?560 million, ?6.69 billion, and ?51.30 billion across the three phases. Capex required for renewable energy development is ?9.03 billion in phase I and ?8.36 billion in phase II. For these two phases, renewable energy can be developed in Kerala or imported from other Indian sites, with ?109.48 billion needed for phase III additions utilizing Indian renewable energy resources. Phase I, scheduled from 2024-25, focuses on preparing green hydrogen clusters, while phase II (2026-2030) will involve deploying technologies for green hydrogen. Phase III (2030-2040) will upscale the use of green hydrogen in various industries. The document highlights that phase I will include developing renewable energy for industrial electrification, phase II will focus on renewable energy development in the state and deploying electrolysers, and phase III will cover electrolyser scaling, ammonia plants, and hydrogen and ammonia infrastructure. The project is expected to create approximately 3,600 jobs and abate 0.49 million tonnes of CO2 equivalent emissions in Kerala, reducing total emissions by about 2%. The roadmap states that ANERT (the Agency for New and Renewable Energy Research and Technology) will act as the nodal agency for the hydrogen valley in Kerala, managing roles from stakeholder engagement to implementation. ANERT will also establish the Kerala Hydrogen Council and a subsidiary company, Kerala Green Hydrogen Hub. Kochi Green Hydrogen Valley is geared towards the end-use of green ammonia, anticipating a demand of 40 kilotonnes per annum (ktpa) of green hydrogen and 260 ktpa of green ammonia under baseline scenarios, and 71 ktpa of green hydrogen and 625 ktpa of green ammonia in aggressive cases by 2040. Green hydrogen demand is projected across 10-12 sectors, all present in Kerala, creating a total potential of 120 ktpa, with an additional demand of 40-100 ktpa through exports. Within this potential demand, over 100 ktpa will be concentrated in Kochi, encompassing refineries, fertilizers, chemicals, and transport hubs. The document notes that for the Kochi Valley, India’s best renewable energy resources, centralized hydrogen production, and refueling infrastructure will be estimated, along with hydrogen and ammonia transportation through pipelines. Key offtakers include BPCL, FACT, HOCL, KSRTC, KWML, KSINC, and various export opportunities.