The New and Renewable Energy Development Corporation of Andhra Pradesh (NREDCAP), the state's green hydrogen market represents a $15 billion investment opportunity. Aiming to create 500 KTPA (kilotons per annum) of green hydrogen by 2030, Andhra Pradesh could potentially. About 70% of this investment is anticipated to go towards building out the infrastructure for renewable energy sources, with the remaining funds going towards increasing the capacity of the electrolyzers. NREDCAP undertook this project with assistance from the Foreign, Commonwealth, and Development Office.
The managing director of NREDCAP, S Ramana Reddy, stressed that Andhra Pradesh now has a domestic hydrogen demand of 400 KTPA, or about 8% of India's industrial hydrogen consumption. The expected Compound Annual Growth Rate (CAGR) (for this demand) is 3%.