Hygenco

pending

Hygenco Green Energies Private Limited (“Hygenco” or the “Company”), originally founded in October 2020 as Hygenco Private Limited (HPL), is a green industrial gases company that develops, designs, executes, and operates green hydrogen (GH) (“GH Project”). Company plans to develop a platform of GH Projects that will be fully or partially owned by Hygenco and associated renewable energy generation plants (“RE Project”). Hygenco will undertake such projects through project-specific SPVs.IFC proposes to invest up to US$50 million in the Company as part of its ongoing fundraising in the form of quasi equity,?of which up to US$25 million is contributed by IFC as implementing entity of Blended Finance Funds.. The proposed IFC funding will be for GH Projects being developed to provide green industrial gases to customers and/or cluster of customers, under supply contracts, and associated RE Projects. Hygenco’s GH Projects are normally located on or near client sites; however, where land is unavailable at a client’s site, Hygenco leases nearby parcels within notified/licensed industrial zones or, in some cases, selects non-industrial sites. Hygenco has developed a pipeline of GH Projects with potential clients. Out of these, some projects require hydrogen and/or oxygen transportation via pipelines while some will have road transportation of such gases. GH Projects in non- notified/licensed industrial zones may require new access roads connecting the project site with the nearest highways or public access roads. Hygenco may source renewable energy for their GH Projects through captive, or third party RE. Green energy may be supplied to the GH Projects through existing grid and transmission lines from local substations, built by respective State agencies, or by company, as needed. Water supply for hydrogen production is provided by clients or the local industrial corporation/authority or local water utility from the nearest tapping point to a GH Project. Hygenco does not use underground water. Hygenco uses demineralization treatment to produce water required for electrolysis. RE projects, pipelines and transmission lines required for Hygenco’s GH Projects would be part of IFC’s investment and are not expected to be exclusive for a particular GH Project or client.