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Global capital lines up for Hygenco: Gurugram-based green hydrogen producer HygencoGreen Energies is set to sell a minimum 49% stake for USD 125 mn to a consortium that comprises the World Bank’s International Finance Corporation (IFC), Siemens and Singapore’s Fullerton Fund Management, in an agreement valuing the firm at about USD 250 mn, Mint reports, citing unnamed sources. IFC plans to invest USD 50 mn, with Siemens and Fullerton bringing in the remaining USD 75 mn.
Prelude to an IPO? Transactions like this that bring in a development finance institution such as the IFC and a global strategic such as Siemens often take place when a private-sector company is looking to send the signal that an IPO — while not imminent — could be in the cards somewhere down the line. The high-quality additions to its cap table would also make Hygenco more attractive down the road to a big strategic acquirer.
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The agreement, on which Avendus advised, will support Hygenco’s USD 2.5 bn rollout of green hydrogen projects and its target of 10 GW in assets by 2030.
Strategic shift to clean molecules: The Gurugram-based firm, 51% owned by its founders and 49% by SBI Ventures’ Neev Fund II, has emerged as a frontrunner as India targets 5 mn tonnes of green hydrogen by 2030.
REMEMBER- The UAE’s Masdar was competing with several global investors to acquire up to 49% of Hygenco last year, with an equity value of around USD 400 mn, Mint reports. Beijing’s Asian Infrastructure Investment Bank, Australia’s Macquarie Group, Japan’s Sojitz Corporation, Mitsubishi Heavy Industries, Marubeni Corporation, and Malaysia’s Gentari were all in the running and had signed NDAs.
Global players crowd India’s hydrogen play: IFC, which holds a USD 8 bn India portfolio, is raising annual commitments to USD 10 bn by 2030, as per the business daily. Siemens has been scaling its India footprint in electrification and automation after buying New Delhi-based C&S Electric for USD 310 mn. Fullerton, active in India since 2007, recently backed mobility firm Routematic through its carbon-focused fund.
