The International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, has committed $50 million to Hygenco Green Energies as part of a $105 million investment package aimed at accelerating green hydrogen production and supporting India’s clean energy transition.
The investment consortium includes IFC, Siemens Financial Services, the Clean Technology Fund (CTF), the Frontier Opportunities Fund and the Fullerton Carbon Action Fund. Together, the investors have signed a definitive agreement to support Hygenco’s green hydrogen platform and expand the supply of low-carbon fuels for industrial users across the country, PTI reported.
According to a joint statement, the funding will help Hygenco develop multiple green hydrogen projects and scale the production of green hydrogen and its derivatives, including green ammonia. The company also plans to attract additional private-sector investments at the project level to further expand production capacity.
The initiative is expected to strengthen India’s emerging green hydrogen ecosystem by enhancing production capabilities, improving supply chains and increasing the availability of clean energy solutions for industries that are difficult to decarbonize.
Hygenco said the projects will support the delivery of zero-emission green fuels to sectors seeking alternatives to fossil fuels, while contributing to the objectives of India’s National Green Hydrogen Mission.
The company estimates that the expansion will create more than 1,000 direct jobs over the next five years, along with additional employment opportunities across the green hydrogen value chain and related industrial sectors.
IFC Regional Division Director for South Asia Imad N Fakhoury said the partnership aims to scale a commercially viable green hydrogen business model and expand the supply of affordable and reliable green hydrogen solutions in India.
He noted that the investment reflects the World Bank Group’s broader commitment to supporting innovation, sustainable industrial development and economic growth in the country.
Hygenco Chief Executive Officer Amit Bansal said green hydrogen offers a practical pathway for reducing emissions in hard-to-abate industries and welcomed the confidence shown by investors in the sector’s long-term growth prospects.
Under the investment structure, IFC and Siemens Financial Services will each contribute $25 million, while Fullerton Carbon Action Fund will invest up to $30 million. The financing package also includes $20 million from the Clean Technology Fund and $5 million from the Frontier Opportunities Fund, both designed to help reduce investment risks and attract additional private capital.
The funding marks another significant step in the growth of India’s green hydrogen industry, which is expected to play a key role in reducing industrial emissions, strengthening energy security and advancing the country’s net-zero ambitions.
