Jakson Green to invest £3,500 crore in renewable energy, including green hydrogen projects

Source: www.gulfoilandgas.com 5/20/2024, Location: Asia

Jakson Green, a key player in the renewable energy sector, has announced an investment of ? 3,500 crore through PE investors and a non-recourse financing route, focused on growing its renewable energy portfolio across solar and green hydrogen, methanol projects and ethanol.

The company, which launched less than two years ago, has already achieved a global solar project capacity of 5 gigawatts peak (GWp), including 1 GWp of assets it directly owns.

“We are spearheading a 4G ethanol production project for a key PSU customer and have launched several projects focused on hydrogen production and distribution for urban mobility, e-methanol production and CBG,” CEO and Managing Director Bikesh Ogra told ET Energy world . He emphasized the company’s commitment to expanding its portfolio of renewable energy solutions.

He highlighted the company’s strategic efforts towards renewable energy derivatives, which are becoming increasingly important in the transition to low-carbon energy sources.

Ogra detailed the financial and strategic aspects of Jakson Green’s business, highlighting the latest developments in green methanol and hydrogen projects. “Next month we are commissioning a green methanol project and we are running hydrogen pilot projects that are intended for industrial applications such as refineries and steel mills,” he said.

Despite the high costs associated with green hydrogen and its derivatives, Ogra expressed confidence that it will be able to close the cost gap compared to conventional fuels. “The levelized cost of methanol and ethanol is currently much higher compared to the costs of normal conventional methanol and ethanol. We are working to reduce this disproportion,” he said.

Looking beyond domestic markets, Jakson Green sees opportunities in the Middle East due to competitive electricity costs in the region. “Competitive electricity costs in the Middle East make it an ideal location to develop our green energy projects,” commented Ogra. “The company is well-positioned to explore the Middle East region due to its strong presence in the solar EPC segment in the MENA region,” he further added.

The company is also exploring the use of green methanol in shipping, in line with the global trend towards sustainable marine fuels, and has received great interest from shipping vessels. This reflects Jakson Green’s broader aim to support the transition to cleaner energy sources across all industries.

Ogra discussed the company’s financial strategy, highlighting its pursuit of non-recourse financing through partnerships with development financial institutions (DFIs) and non-banking financial companies (NBFCs). “We have promising commitments from several partners for asset-level capital raise and are in advanced discussions with DFIs and NBFCs interested in participating with us,” he noted.

Looking ahead, Jakson Green aims to add 1 GW of assets per year from 2026, focusing on both solar, solar-wind hybrid, RTC and green hydrogen projects. This aggressive expansion is part of Jakson Green’s broader strategy to become a leader in the renewable energy market, both domestically and internationally.

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