Apollo Green Energy, the fast-growing renewable energy firm, is actively pursuing partnerships with foreign players to incorporate green hydrogen technology into its expanding portfolio. In a bid to strengthen its renewable energy assets, the company is looking to harness the potential of green hydrogen—a promising fuel alternative to fossil fuels. The target is ambitious: a Rs 10,000 crore project pipeline by the end of the year.
In an exclusive interview with Moneycontrol, Apollo Green Energy’s CEO, Sanjay Gupta, revealed that while India is keen to develop green hydrogen technology locally, the company is in discussions with international partners to obtain crucial components, including electrolysers and fuel cells. These components are essential to the green hydrogen value chain, and many companies in India, such as Reliance Industries and Larsen & Toubro, have already entered technology partnerships for manufacturing these critical devices.
Gupta clarified that Apollo Green is mainly focusing on the engineering, procurement, and construction (EPC) side of green hydrogen facilities. "We’re focusing on getting the right technology, and perhaps we’ll have it manufactured by someone else," Gupta said. The company is in discussions with two major international technology providers interested in entering the Indian market, positioning Apollo Green as a channel partner to introduce their solutions to local companies.
A Commitment to Renewable Energy
Apollo Green Energy has undergone a strategic pivot toward renewable energy over the past 14 months, and the results speak for themselves. The company secured three major solar projects from NHPC, a state-run hydropower company, valued at Rs 3,500 crore. These projects include a 40 MW fixed-tilt solar project in Odisha, a groundbreaking 50 MW floating solar project in Kerala, and a 200 MW solar tracker-based project in Gujarat. Additionally, Apollo Green is working on a massive project in Bihar involving the installation of 1,50,000 smart solar street lights.
This focus on renewable energy is not just a trend—it’s central to the company’s future growth. As Gupta mentioned, the company plans to diversify into wind, hybrid, green hydrogen, and battery storage solutions in the future.
Green Hydrogen: The Future of Clean Energy
Green hydrogen, which is produced through the electrolysis of water using renewable electricity, holds enormous promise in the clean energy transition. As governments and corporations work towards achieving net-zero emissions, green hydrogen stands out as an effective alternative to fossil fuels. By focusing on green hydrogen technology and expanding its portfolio, Apollo Green is positioning itself as a key player in India’s clean energy landscape.
As part of its growth strategy, Apollo Green has pledged that 90% of its Rs 10,000 crore portfolio will be directed towards renewable energy projects. The remaining 10% will be allocated to conventional EPC projects, which include essential water and electrical distribution systems. The company is looking to expand its footprint, operating in eight states across India with an ongoing portfolio that already includes 400 MW of solar installations.
Bold Growth Plans and IPO Strategy
Apollo Green’s growth trajectory is focused on expanding its renewable energy footprint, but it is not limiting itself to solar alone. By the time the company goes public, potentially in the second half of 2025, it aims to have developed a diverse project portfolio that spans various aspects of clean energy. Gupta emphasized the importance of delivering value to investors. "We have a clear deployment plan and want to give value to our investors. We have a growth strategy in place so that they can reap the rewards of partnering with us," he explained.
With a target revenue of Rs 1,100 crore for FY 2025, Apollo Green Energy plans to go public by Diwali 2025, positioning itself as a leading player in India’s rapidly growing renewable energy market.
Conclusion
Apollo Green Energy’s strategic focus on green hydrogen, alongside its substantial investments in solar energy, wind power, and other renewables, signals a clear commitment to driving India’s clean energy revolution. With a growing pipeline of projects, strong international partnerships, and plans to list publicly by 2025, the company is poised to be at the forefront of India's energy transition. Investors and stakeholders alike will be watching closely as the company continues to expand its clean energy footprint and develop groundbreaking projects in the renewable sector.
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