IFC-Led Consortium Invests US$105 Million in Hygenco to Scale India’s Green Hydrogen Push
A consortium led by the International Finance Corporation (IFC), Siemens Financial Services and Fullerton Carbon Action Fund has agreed to invest US$105 million in Hygenco Green Energies Private Limited, marking a major equity injection aimed at accelerating the scale-up of green hydrogen production in India.
The deal brings together three institutional investors with complementary strengths in development finance, industrial technology and private capital. IFC, Siemens and Fullerton are each anchoring the transaction with investments of approximately US$25 million, US$25 million and up to US$30 million respectively, alongside additional catalytic funding from climate-focused facilities.
The investment will support Hygenco’s expansion of commercially viable green hydrogen projects across India, strengthening its ability to design, build and operate production facilities and supply industrial customers with low-carbon hydrogen and derivatives such as green ammonia. The company aims to mobilise further private investment at project level to expand production capacity and build out supply chains for what it describes as “green molecules” targeted at hard-to-abate sectors.
Hygenco has already developed operational experience in delivering green hydrogen projects, supported previously by around US$25 million in equity from SBI Ventures-managed Neev II Fund in 2022. The new funding round is expected to significantly accelerate its next phase of growth, including wider deployment of Hydrogen-as-a-Service models and industrial-scale infrastructure development.
The consortium’s backing is also intended to support India’s National Green Hydrogen Mission and help establish a commercially scalable domestic market for clean hydrogen. According to the company, the expansion is expected to create more than 1,000 direct jobs over the next five years, alongside broader indirect employment across the green hydrogen value chain.
IFC said the investment reflects its broader strategy to support emerging market clean energy transitions, highlighting green hydrogen’s potential to decarbonise hard-to-abate industrial sectors while strengthening energy security. Siemens Financial Services emphasised its role in providing industrial and technological expertise to improve production efficiency and accelerate deployment of hydrogen infrastructure, while Fullerton Carbon Action Fund described Hygenco as a commercially disciplined platform capable of scaling decarbonisation solutions across Asia.
Blended finance facilities, including support from the Clean Technology Fund under the Climate Investment Funds and Germany-backed Frontier Opportunities Fund, are also contributing catalytic capital designed to de-risk the platform and attract further private sector participation.
Closing of the transaction remains subject to customary conditions precedent, but the investment signals growing international momentum behind India’s green hydrogen sector and its role in the wider global energy transition.
