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
AM Green
Green ammonia developer founded by Greenko's founders, building a 1 million-tonne-a-year first phase at Kakinada, Andhra Pradesh
Strengths
Kakinada construction started Jan 2026; plans 7.5 GW of renewables, 2 GW of pumped storage and ~1.95 GW of electrolysers (1.3 GW ordered from John Cockerill)
Export offtake with Uniper (up to 5 lakh tonnes a year, Jan 2026), JERA, Yara, and Germany's H2Global Asian lot (≥€585m over 10 years, Sep 2026)
90,000 tonnes a year SIGHT production award (Mar 2025)
Risks
Unlisted - no public financials
First production has slipped from late 2026 towards 2027
Very large capex concentrated in one site
Background
Privately held (AM Green group, linked to Greenko)
Electrolysers from John Cockerill Greenko Hydrogen Solutions, which also holds a SIGHT manufacturing award
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