Essar Group to Invest $3.6 Billion in Energy Transition in UK, India

• The Group will develop a variety of low carbon energy transition projects over the next five years in 2 countries.
• When it come to India, it will certainly invest $1.2 billion in portfolio consisting of green hydrogen as well as green ammonia.

Mumbai headquartered Essar Group has actually formed the Essar Energy Transition (EET) with the purpose to invest an overall of $3.6 billion in developing a range of low carbon energy transition projects over the following five years in India and also the UK.

Essar Group held that EET of the total investment, $2.4 billion will be invested throughout its site at Stanlow, in between Liverpool and also Manchester in UK and $1.2 billion in India. Essar Group will produce the UK's leading energy transition hub in North West England.

Essar Group stated that EET will imbibe several entities: Essar Oil UK having refining and also marketing service in North West England, Vertex Hydrogen developing 1 GW of blue hydrogen, EET Future Energy creating 1 GW of green ammonia in India, Stanlow Terminals Ltd establishing enabling storage and pipe framework as well as EET Biofuels that delves in low carbon biofuels.

The financial investment programme of Essar Group will play a significant role in accelerating the UK's low carbon improvement at the heart of the Northern Powerhouse economy.

Essar Group held that the financial investments, across a range of hydrogen manufacturing technologies, decarbonisation, biofuels, and also infrastructure projects. The financial investments will certainly support the reduction of around 3.5 million tonnes of co2, around 20% of the overall industrial emissions in North West England.

Other sustainability financial investments intended by the Essar Group beyond EET consist of the creation of an LNG value chain in India, including LNG truck manufacturing as well as LNG fuel stations as well as setting up a pellet plant in Odisha, in eastern India.

When it come to India, Essar Group will certainly invest $1.2 billion consisting of green hydrogen and green ammonia. Ammonia will be shipped from India to the UK, Europe and also worldwide to fulfill expanding market need for green hydrogen.

EET's investment in India is anticipated to help deliver on the nation's arising hydrogen passion.

Prashant Ruia, Director, Essar Capital, said, "The launch of EET is a significant landmark in Essar's long-lasting commitment to place the UK at the center of low carbon energy. We are excited regarding the opportunity to drive the UK's energy transition by producing low carbon future fuels which will help eliminate around 20% of the commercial carbon dioxide in Northwest England. "

In 2021, the Essar Power had invested Rs. 300 Crore in a 90 MW solar energy plant in Madhya Pradesh noting an access right into the renewable sector.