GH2 Solar is strategically evolving from a traditional solar EPC company into a green hydrogen infrastructure player. While its legacy business focused on executing solar projects—a competitive, project-based industry—the company is now moving up the clean energy value chain through investments in electrolyzer manufacturing, green hydrogen, battery energy storage systems (BESS), and green molecules. This strategic shift positions GH2 Solar to capitalize on one of the fastest-growing segments of the global energy transition, potentially unlocking new growth opportunities and expanding its role across the clean energy ecosystem.
How the Green Hydrogen Revolution Could Transform GH2 Solar
Before understanding how the green hydrogen revolution could transform GH2 Solar, it is important to understand how green hydrogen is manufactured. The process begins with generating electricity from renewable sources such as solar or wind power. This renewable electricity is then supplied to an electrolyzer, where water (H₂O) is split into hydrogen (H₂) and oxygen (O₂) through a process known as electrolysis. The hydrogen produced is a clean fuel that can be used directly in industries such as refineries, steel, fertilizers, chemicals, and heavy transportation.
Green hydrogen also serves as the building block for other high-value green molecules. When green hydrogen is combined with nitrogen extracted from the air, it produces green ammonia, which is widely used in fertilizers, shipping fuel, power generation, and as an efficient carrier for transporting hydrogen over long distances. Similarly, when green hydrogen is combined with captured carbon dioxide (CO₂), it produces green methanol, a low-carbon fuel used in the chemical industry, marine shipping, and sustainable aviation fuel production.
So,the electrolyzer is the most critical component in the green hydrogen value chain. It is the technology that uses renewable electricity to split water into hydrogen and oxygen, making it the backbone of every green hydrogen project. As green hydrogen production scales globally, demand for electrolyzers is expected to increase significantly.
Recognizing this opportunity, the Government of India launched the National Green Hydrogen Mission (NGHM) with the objective of making India a global hub for the production, consumption, and export of green hydrogen and its derivatives. Under the mission, India aims to achieve 5 million metric tonnes (MMT) of green hydrogen production annually by 2030, while also building a domestic manufacturing ecosystem for electrolyzers.
To accelerate this transition, the government has announced several incentive schemes:
- 15 companies have been awarded 3,000 MW per annum of electrolyzer manufacturing capacity under the SIGHT Scheme, supported by incentives worth ₹4,440 crore.
- 18 companies have been awarded a cumulative 862,000 tonnes per annum (TPA) of green hydrogen production capacity.
- The Solar Energy Corporation of India (SECI) has also discovered prices for 724,000 TPA of green ammonia to be supplied to 13 fertilizer plants, creating long-term demand for green hydrogen derivatives.
Among the companies selected under the SIGHT Scheme, GH2 Solar is one of the few that has secured incentives in both strategic segments—electrolyzer manufacturing and green hydrogen production.
In electrolyzer manufacturing, GH2 Solar was awarded 105 MW per annum, representing 3.5% of the 3 GW manufacturing capacity allocated under the first phase of the SIGHT Scheme. The company has announced plans to expand this capacity to 500 MW per annum by 2030, highlighting its ambition to become a larger domestic manufacturer as India’s green hydrogen ecosystem develops.
On the production side, GH2 Solar secured an allocation of 10,500 TPA of green hydrogen, accounting for approximately 1.22% of the 862,000 TPA production capacity awarded under the SIGHT Scheme. This positions the company among the early commercial-scale green hydrogen producers supported by the Government of India.
Securing allocations in both electrolyzer manufacturing and green hydrogen production gives GH2 Solar the opportunity to participate across multiple stages of the value chain—from manufacturing the core equipment to producing green hydrogen and downstream green molecules such as green ammonia and green methanol. If the National Green Hydrogen Mission progresses as planned, this integrated strategy could provide GH2 Solar with multiple long-term growth opportunities beyond its traditional solar EPC business.
How GH2 Solar Is Building Its Green Hydrogen Ecosystem
GH2 Solar is steadily transforming itself from a traditional solar EPC and captive power company into an integrated green hydrogen infrastructure player. As part of this strategy, the company is commissioning its integrated clean energy manufacturing facility at Morena, Madhya Pradesh, in August 2026. The facility will house an electrolyzer manufacturing plant with an initial capacity of 105 MW per annum, awarded under SECI’s SIGHT Scheme (Mode-I, Tranche-II) and supported by a ₹157.5 crore Production Linked Incentive (PLI) under the National Green Hydrogen Mission. The plant will manufacture pressurized alkaline electrolyzers ranging from 100 kW to 7 MW, with plans to expand capacity to 500 MW per annum by 2030, reflecting the company’s ambition to strengthen its position in India’s growing green hydrogen ecosystem.
Beyond manufacturing electrolyzers, GH2 Solar is building capabilities across the entire hydrogen value chain. The company has developed an integrated green hydrogen platform that includes hydrogen production, EPC execution, fuel-cell systems, and downstream green fuels such as green ammonia. It offers both Engineering, Procurement and Construction (EPC) and Build-Own-Operate (BOO) solutions for industrial, mobility, utility, and government customers. GH2 Solar has already commissioned a renewable-powered hydrogen project at VOC Port, Tuticorin, is developing a high-altitude hydrogen microgrid for NHPC in Leh, has deployed hydrogen fuel-cell backup systems for commercial and industrial applications, and is constructing a 1 MW green hydrogen plant with a hydrogen refueling station for KP Group. The company is also jointly developing a 100,000 TPA green ammonia facility with AHES and KP Group, has secured 10,500 TPA of green hydrogen production capacity under the Government of India’s SIGHT Scheme, and has signed an MoU with Deendayal Port Authority to evaluate a green hydrogen export hub featuring liquefaction, cryogenic storage, pipelines, and marine export infrastructure.
GH2 Solar’s Current Business: Solar EPC, Renewable Power Generation, and Open Access Projects
For years, GH2 Solar operated mainly as a solar EPC and captive power producer — a business model built around solving a simple problem. When an industrial customer wants to build a solar power plant but lacks the technical expertise, GH2 takes responsibility for designing, engineering, executing, and maintaining the project. The customer gets a ready-to-use renewable energy solution, while GH2 earns through project execution and long-term maintenance contracts.
This approach helped GH2 build a strong execution track record, with 650+ solar projects completed across India for 325+ customers and more than 300 MW of installed renewable energy capacity. Alongside EPC projects for customers, the company has also developed its own renewable energy assets through open-access solar projects, including 20 MW in Jalgaon, Maharashtra, 10 MW in Yadgir, Karnataka, and 80 MW in Bapini, Rajasthan.
However, GH2 is now moving beyond being just a solar EPC company. The company is attempting to become an integrated clean energy player by entering the next stages of the renewable energy value chain — battery energy storage systems (BESS), electrolyzer manufacturing, and green molecules.
The reason behind this shift is simple: generating renewable power is only one part of the energy transition. The bigger challenge is storing this power and converting it into reliable energy solutions. To address this opportunity, GH2 is setting up a 3 GWh Battery Energy Storage System (BESS) assembly line at Piparsewa, Morena, Madhya Pradesh, which will help the company participate in the growing energy storage market.
The company is also building a larger renewable energy pipeline, with 1 GW+ projects under active development and a target of reaching a 2 GW renewable energy portfolio by 2030.
This transformation is already visible in its financial performance. GH2’s revenue increased from ₹64 crore in FY24 to ₹214 crore in FY25, representing around 230% growth. EBITDA rose from ₹5 crore to ₹28 crore, while net profit increased from ₹3 crore to ₹20 crore. At the same time, profitability improved, with EBITDA margins expanding from 8.5% in FY24 to 14.2% in FY25, along with an ROE of 34%.
Conclusion: GH2 Solar’s Next Growth Phase
GH2 Solar is transitioning from a solar EPC player to a green energy infrastructure company through expansion into BESS, electrolyzer manufacturing, and green hydrogen. With this shift, the company is emerging as a player to watch in India’s clean energy journey, with a potential IPO planned by FY28.
For more details about GH2 Solar, explore the company profile and business overview. The company has also attracted strategic interest from the KP Group, which recently invested in GH2 Solar, strengthening its position in India’s growing clean energy ecosystem.