Fortescue Future Industries, JSW Future Energy to explore potential green hydrogen projects in India
Australia-based Fortescue Future Industries (FFI) has entered into a framework agreement with India-based JSW Future Energy Limited, a wholly owned subsidiary of JSW Energy Limited, to explore opportunities to develop green hydrogen projects in India.
Under the agreement, FFI and JSW Energy will collaborate and conduct scoping work on potential projects relating to the production of green hydrogen and explore opportunities to utilize it for green steel making, hydrogen mobility, green ammonia and other mutually agreed industrial applications in India.
FFI is the 100% renewable green energy and industry company of Fortescue Metals Group Limited (Fortescue). FFI is establishing a global portfolio of renewable green hydrogen and green ammonia operations. FFI has the vision of green hydrogen becoming the most globally traded seaborne energy commodity in the world, with an initial plan to produce 15 million tonnes per year of green hydrogen by 2030.
JSW Future Energy Limited is a 100% subsidiary of JSW Energy Limited (JSWEL), a leading power company in India, and part of the US$13-billion JSW Group—a diversified business conglomerate in India with interests across Steel, energy, infrastructure, cement, paints, sports and venture capital. JSWEL currently has 4,559 MW of operational thermal, hydro and solar power capacity. The company has around 2,500 MW of renewable energy projects under construction which are likely to be completed by 2023.
JSWEL has outlined a blueprint to reach 20 GW of capacity by 2030 and expand the share of renewable energy in its portfolio to 85% from 30% currently. JSWEL has also committed to net-zero carbon emission target by 2050.