The MoU aims to establish a collaborative framework to design and reach the best configuration and achieve the performance targets for the renewables and grid scope, L&T said. It involves a commitment from L&T to enter into an engineering procurement and construction (EPC) contract once the final proposal is accepted, the company said.
The Yanbu Green Hydrogen Hub will be a fully-integrated facility with its own captive renewable electricity generation powered solely by solar and wind energy. The renewables and grid scope of the project involves multiple facilities including solar PV, wind and battery energy storage system plants with associated substations and transmission lines, L&T said.
"By developing and exporting green ammonia, we aim to support international markets in their decarbonisation efforts and pave the way for a cleaner, more sustainable world," Marco Arcelli, ACWA Power CEO, said.
T Madhava Das, Member of the Board and Senior Executive Vice President (Utilities) – L&T, said Saudi Arabia is strategically-located between the east and west, produces renewable energy at competitive rates and develops ultra-mega projects with clear timelines. "We are happy to contribute to its ambitions of promoting regional and international integration of clean energy, especially along the India – Middle East – Europe economic corridor," Das added.
On another note, L&T won orders worth up to ₹15,000 crore last week. Of these two were 'large' orders and the other two were 'significant' orders.
L&T shares were trading 0.1% down at ₹3,670.5 apiece around 10.45 am on Monday. It has gained 5.4% in the last six months.
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