L&T's Renewables arm inks MoU with ACWA Power for Saudi Arabia-based project

Larsen & Toubro (L&T) said that its Renewables (RENU) vertical has signed a memorandum of understanding (MoU) with ACWA Power for the Renewables & Grid scope of the pioneering Yanbu Green Ammonia Project in the Kingdom of Saudi Arabia.

Yanbu Green Hydrogen Hub has been conceived as a fully integrated facility with its own captive renewable electricity generation powered solely by solar and wind. The Renewables & Grid scope of the project involves multiple facilities including solar PV, wind and battery energy storage system plants along with associated substations and transmission lines.

The MOU aims to establish a collaborative framework to design and reach the best configuration and achieve the performance targets for the Renewables & Grid scope. The cooperation involves a commitment from Larsen & Toubro to enter into a EPC contract once the final proposal is accepted.

T Madhava Das, member of the board and senior executive vice president (Utilities) Larsen & Toubro, said: Saudi Arabia is a key leader in supply of clean energy and industrial decarbonization.

The kingdom has achieved remarkable progress in recent years due to the visionary programmes and initiatives. It is strategically located between east and west, produces renewable energy at competitive rates and develops ultra mega projects with clear timelines.

We are happy to contribute to its ambitions of promoting regional and international integration of clean energy, especially along the India Middle East Europe economic corridor.

Larsen & Toubro is an Indian multinational engaged in EPC projects, hi-tech manufacturing, and services.

The company had reported a 30% jump in consolidated net profit to Rs 3,617.19 crore on a 16% rise in revenue to Rs 63,678.92 crore in Q1 FY26 as compared with Q1 FY25.

The scrip was down 0.06% to currently trade at Rs 3673.80 on the BSE.

Powered by Capital Market - Live News