Bhubaneswar: NTPC Limited has signed a Memorandum of Understanding (MoU) with Grid Corporation of Odisha (GRIDCO) and Capital Region Urban Transport (CRUT) to establish green hydrogen infrastructure in the state. GRIDCO is an Odisha government undertaking for energy, whereas CRUT is the state's public transit agency. This tripartite agreement aims to strengthen green energy technologies in Odisha, focusing on the green hydrogen mobility scheme. Under the MoU, NTPC will set up a green hydrogen fuelling station in Bhubaneswar and provide hydrogen buses for both short-haul and long-haul operations. This initiative allows the state to transition from fossil fuel buses to clean, green fuel buses, aiding decarbonization and ensuring energy security. The Ministry of New & Renewable Energy has also partially contributed to the establishment of this project.
NTPC has also been actively involved in other green hydrogen projects, such as the blending project operating out of Surat, and has initiated mobility strategies similar to this one across locations like Leh, Greater Noida, and Kandla. Besides, the company is working on developing the green hydrogen hub located in Visakhapatnam, with aims to reach 60 GW of renewable energy capacity by 2032.
On December 20, 2024, the Government of India signed another transformative deal with the Asian Development Bank (ADB), securing a whopping $500 million loan to fund projects emphasizing green and sustainable infrastructure aligned with the nation’s climate commitments. This ADB loan, guaranteed by the sovereign, will go through to the India Infrastructure Finance Company Limited (IIFCL). Ms. Juhi Mukherjee, Joint Secretary of the Department of Economic Affairs at the Ministry of Finance, and ADB's Country Director Mio Oka signed the deal.
“ADB financing will help IIFCL provide long-term capital for infrastructure projects focusing on connectivity and energy transition, as well as under-resourced sectors like urban projects, education, and healthcare,” stated Ms. Oka, emphasizing the need for immense private capital investment to meet India's net-zero commitments.
Such investments will necessitate innovative financing platforms, with strategic development finance institutions like IIFCL stepping up to address inherent risks and market asymmetries. ADB has worked closely with IIFCL over time, enhancing its operational and risk management capacities. The project aims to build institutional capabilities within IIFCL to incorporate sustainable practices, including establishing a sustainability unit along with a framework for assessing project sustainability ratings.
Meanwhile, Waaree Energies Ltd has announced ambitious plans for capital expenditures amounting to ₹2,754 crore, aiming to bolster its renewable energy initiatives. During their board meeting on December 23, 2024, the company greenlit several significant projects to expand its manufacturing footprint across various sectors. Notably, Waaree Clean Energy Solutions, its wholly-owned subsidiary, will establish a 300 MW Electrolyser manufacturing facility, supported by ₹551 crore as part of the Production-Linked Incentive (PLI) scheme initiated by the Ministry of New and Renewable Energy.
Waaree's commitment to new technologies extends beyond this project; it is also working with Waaree Energy Storage Solutions on establishing a 3.5 GWh Lithium-Ion Advanced Chemistry Storage Cell manufacturing plant with significant investments totaling ₹2,073 crore. This undertaking will be partially funded by ₹650 crore via debt and internal resources. Aiming to capitalize on the growing demand for sustainable energy solutions, such as those found within electric vehicles and grid storage applications, Waaree aims to diversify its portfolio efficiently.
Adding to their strategic initiatives, Waaree Power, another subsidiary, has set its sight on enhancing its inverter business with dedicated investments of ₹130 crore. All these ambitious plans are part of Waaree Energies’ long-term vision to secure its position within the renewable energy sector and to drive innovation.
IREDA's leadership weighed in on the proceedings as well, with Shri Pradip Kumar Das, Chairman and Managing Director of the Indian Renewable Energy Development Agency Limited (IREDA), presenting insights during the Odisha Solar Investor Conclave hosted by GRIDCO. Shri Das underscored the pressing need for accessible financing to expedite renewable energy initiatives. He affirmed IREDA’s role as a competitive financier with borrower-friendly operations, aiming to support Odisha’s renewable energy ambitions targeting 10 GW capacity by 2030.
With funding exceeding ₹3,000 crore already approved for various renewable energy projects across sectors like solar, hydro, and ethanol, IREDA is facilitating significant progress. On the national scale, it has sanctioned more than ₹2.08 lakh crore, with over ₹1.36 lakh crore already disbursed, playing pivotal roles in advancing innovative technologies like green ammonia and electric vehicle financing. Shri Das’s message was clear: Odisha has the potential to emerge as both a leader and hub for solar power generation.
Speaking to various stakeholders at the event, he shareed, "IREDA’s motivation to bolster India’s renewable energy objectives allows us to target 10-15% contributions to renewable energy debt financing.” With all the efforts being spearheaded, it’s evident India is dedicated to its renewable energy transformation, reaffirming its commitment to sustain the drive toward cleaner technologies and infrastructure.
