Essar to invest in energy transition in UK and India
Multinational conglomerate, Essar Group, invested in energy, metals and mining, infrastructure and technology sectors, has announced the formation of Essar Energy Transition (EET) to drive the creation of the UK’s leading energy transition hub in North West England.
EET plans to invest a total of $3.6 billion (€3.39 billion) in developing a range of low carbon energy transition projects over the next five years.
EET will include:
- Essar Oil UK, the company’s refining and marketing business in North West England
- Vertex Hydrogen, which is developing 1 gigawatt (GW) of blue hydrogen for the UK market, with follow-on capacity set to reach 3.8GW;
- EET Future Energy, which is developing 1 GW of green ammonia in India, targeted at UK and international markets;
- Stanlow Terminals Ltd, which is developing enabling storage and pipeline infrastructure; and
- EET Biofuels, which is investing in developing 1 MT of low carbon biofuels.
- EET’s investment programme will play a major role in accelerating the UK’s low carbon transformation, supporting the government’s decarbonisation policy and creating highly skilled employment opportunities at the heart of the Northern Powerhouse economy.
The investments, across a range of hydrogen production technologies, decarbonisation, biofuels (road and aviation), and infrastructure projects, will contribute to North West England quickly becoming one of the leading post-carbon industrial clusters in Europe.
Prashant Ruia, director at Essar Capital, says: ‘The launch of EET is a major milestone in Essar’s long-standing commitment to put the UK at the forefront of low carbon energy. We are excited about the opportunity to drive the UK’s energy transition by producing low carbon future fuels which will help eliminate around 20% of the industrial carbon dioxide in Northwest England. In doing so, it will provide a blueprint for how traditional industries globally can be successfully transformed into hubs for the production of future energies.’
