GH2 Solar to Invest ₹400 Crore in Electrolyser Plant, IPO Planned for 2026

GH2 Solar, a key player in India’s green hydrogen ecosystem and a beneficiary of the government’s Production Linked Incentive (PLI) scheme, is ramping up its manufacturing footprint as reported by CNBC TV18. The company is establishing a 105 MW electrolyser plant in Morena, Madhya Pradesh, backed by its South Korean partner AHES, with the goal of strengthening India’s clean energy infrastructure.

Facility Expansion and Investment

According to CEO Anurag Jain, the company is investing ₹400 crore in the first phase of the Morena facility to manufacture alkaline electrolysers. This phase is expected to generate around 600 jobs in the Gwalior region. Once fully scaled, the plant will have a total capacity of 500 MW of electrolysers and 3 GWh of battery energy storage systems. The project underscores GH2 Solar’s ambition to emerge as a major domestic supplier in the green hydrogen value chain.

PLI Support and Future Growth

In August 2024, GH2 Solar received a ₹157.5 crore subsidy under the government’s PLI scheme, a policy designed to boost local manufacturing. Building on this support, the company plans to begin green hydrogen production at a coastal site in the second phase, targeting an annual capacity of 10,500 MTPA within 2.5 years. To fund this ambitious expansion, GH2 Solar intends to raise between ₹600 crore and ₹800 crore and is actively considering an initial public offering (IPO) by August–September 2026.

Strategic Partnerships

Beyond electrolyser production, GH2 Solar is positioning itself in the green ammonia segment. The company has signed a memorandum of understanding (MoU) with KPI Group and AHES in Surat to develop facilities with a production capacity of 1 lakh MTPA of green ammonia. This collaboration, set for 15 years, will see AHES act as a direct off-taker, with prices benchmarked to international standards. The move aligns with India’s broader efforts to capture export opportunities in the global green ammonia market.

Skilling and Technology Development

Highlighting the labour and technology-intensive nature of the sector, Jain said GH2 Solar is running training programmes for local youth to build a skilled workforce in the Gwalior region. As government initiatives expand and scale improves, he expects a steady reduction in costs for green hydrogen production.

Read More: India to Test Battery Storage at Coal Plants to Balance Grid as Solar Output Rises

Conclusion

With strong government backing, a major investment commitment, and global technology partnerships, GH2 Solar is positioning itself as a significant contributor to India’s green hydrogen mission. Its expansion into electrolyser manufacturing and green ammonia production, coupled with upcoming IPO plans, highlights its strategy to capture opportunities across the clean energy value chain.

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