Developers that won SIGHT production incentives and supply contracts - they own the electrolyser plants and sell green hydrogen or ammonia.
Reliance IndustriesOperator · MediumListed
Larsen & ToubroOperator · MediumListed
Adani Enterprises (Adani New Industries)Operator · MediumListed
NTPC Green EnergyOperator · MediumListed
AM GreenOperator · HighUnlisted
ACME Cleantech SolutionsOperator · HighUnlisted
ACME Cleantech Solutions
Unlisted parent of the ACME group and the largest winner of SECI's green ammonia auctions; building export ammonia at Gopalpur, Odisha
Strengths
Six SECI green ammonia contracts, over 3.5 lakh tonnes a year, including the record-low ₹49.75/kg for IFFCO Paradeep
90,000 tonnes a year SIGHT production award (Jan 2024)
Long-term supply pact with Japan's IHI for ~4 lakh tonnes a year (signed Jan 2024), certified for Japan's CfD support in Jul 2026
Risks
Unlisted - no public financials
Many projects at once across Odisha and other states
Very low bid prices leave little room for cost overruns
Background
Parent of listed ACME Solar Holdings (ACMESOLAR), which holds the renewable power business
No listed market data for the hydrogen projects
Compiled from public reporting — not exchange-listed.
Where it fits
A producer combines renewable power, electrolysers and (for ammonia) a synthesis loop at one site, then sells hydrogen by pipeline or ammonia by ship. SIGHT pays a bid incentive per kg for the first three years of output; SECI and refiners sign 10- to 25-year supply contracts.
Why it matters
Production awards first totalled 8.62 lakh tonnes a year across two tranches (4.12 lakh tonnes in Jan 2024 and 4.5 lakh tonnes in Mar 2025, the latter with up to ₹2,239 Cr of incentives); MNRE's Aug 2026 figure is ~7.56 lakh tonnes a year to 16 companies. Winners include Reliance, L&T, Waaree, AM Green, ACME, Greenko, JSW Neo, CESC, Sembcorp's Green Infra and others.
Where the value pool sits
The largest pool in the chain by capex - AM Green's Kakinada complex alone plans 7.5 GW of renewables and ~1.95 GW of electrolysers. Returns depend on contracted prices, capacity utilisation of electrolysers and the cost of firm renewable power.
Key drivers
SIGHT per-kg incentive and SECI fixed-price contracts
Export contracts with subsidy-backed buyers (Japan CfD, H2Global)
Transmission-charge waivers and state land and power concessions