· Hygenco Green Energies has closed a $105 million equity round from IFC, Siemens Financial Services and the Fullerton Carbon Action Fund — marking the first direct green hydrogen investment in India by all three institutions.

· The funding will back three to four new plants starting construction in 2026–27, scaling a Hydrogen-as-a-Service model already running at two operational commercial plants.

IFC is investing $25 million from its own account. Siemens Financial Services is putting in $25 million. Fullerton Carbon Action Fund is committing up to $30 million. That’s $80 million in direct equity.

The remaining $25 million comes through two IFC-managed blended finance facilities: $20 million from the Clean Technology Fund under the Climate Investment Funds programme, and $5 million from the Frontier Opportunities Fund, backed by the German government. Total: $105 million.