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Gujarat’s green hydrogen projects to gain from NDB’s Climate Mitigation Fund
The ambitious big-ticket investments by key corporates in Gujarat in the green hydrogen sector are all set to gain big through the lending from New Development Bank (NDB). Since green infrastructure, green energy and climate mitigation projects are the NDB’s targets of investments in India, green hydrogen projects are expected to be co-financed by the bank, according to Leslie Maasdorp, vice president and chief financial officer, NDB. He is in Gujarat to attend the G20 Finance and Central Bank Deputies (FCBD) Meetings, being held at Mahatma Mandir in Gandhinagar from July 14-18.
“Green hydrogen is a proven technology and can be scaled up. Therefore, the NDB is closely looking at co-financing these projects in India. Our aim at the NDB is to demonstrate and scale commercially viable projects in the areas of sustainability,” Maasdorp said, adding that NDB plans to continue investing in India at the rate of $1-$1.5 billion every year in India.
TOI recently reported that the Gujarat cabinet approved the draft land allocation policy for green hydrogen projects. Land parcels of 1,99,000 hectare have been earmarked for five key players – private sector entities – eyeing their foray into the green hydrogen manufacturing. These include Reliance New Energy, Adani New Industries, Torrent Power, ArcelorMittal Nippon Steel India and Welspun Group.
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