India’s renewable energy sector is expanding rapidly, with installed capacity crossing 180 GW in 2024 and the Ministry of New and Renewable Energy setting a target of 500 GW by 2030. This shift is pushing industries to look beyond electricity toward cleaner fuels like green hydrogen. 

As a result, companies are building integrated systems that connect power generation with fuel production. GH2 Solar Limited operates within this model, linking solar energy with hydrogen production and supply for industrial use. 

GH2 Solar Core Business Segments

GH2 Solar’s operations are built around multiple business segments that are connected to each other.

A)Solar EPC and Project Development

The business offers solar EPC solutions, which include project design, complete installation services, and final commissioning work. The company has built out about 50 MW of working solar power plants while it continues to build an identical amount of future projects.

GH2 Solar operates its own projects, and it also handles major EPC projects for industries that need services throughout various states. The business segment produces direct income while it allows the company to maintain enduring connections with industrial clients.

B)C&I Open-Access Power Model

GH2 Solar provides electrical power to business clients through its open-access system and power purchase agreements. The company operates solar power plants, which they build to deliver electricity through established tariff agreements that span multiple years.

The process generates stable financial returns because customers agree to extended service agreements, decreasing their dependence on single EPC contracts. 

C)Green Hydrogen Projects

The company operates its expansion through green hydrogen operations, which form the basis of its strategic plan for future development. The company finished its pilot hydrogen microgrid projects for government PSUs. This proved its ability to operate in this particular market. GH2 Solar works on an 11 MW project, which includes a 1 MW electrolyser and hydrogen refuelling system to serve industrial operations and mobility requirements.

The company has plans to establish a hydrogen production plant, which will produce 10,500 tonnes of hydrogen every year. The plant will probably become the company's main revenue stream during the next few years.

D) Electrolyser Manufacturing

The company has started electrolyser manufacturing to develop its market position. The company will build a manufacturing plant in Piparsewa, which belongs to the Morena district in Madhya Pradesh. The facility will start with 105 MW annual production, but the company plans to reach 500 MW by 2030. 

GH2 Solar generates revenue through equipment sales, while its hydrogen projects receive support. This results in improved cost management and enhanced supply availability.

GH2 Solar Revenue Streams

The company generates income from multiple sources:

• EPC contracts for solar and hydrogen projects

• Electricity sales under long-term power purchase agreements

• Hydrogen supply for industrial and mobility use

• Sale of electrolysers and equipment

• Operations and maintenance services

This mix of income streams provides both immediate cash flow and long-term revenue visibility.

GH2’s Unique Selling Point: Integrated “Electron to Molecule” Strategy

GH2 Solar’s main strength lies in its integrated approach, often described as “electron to molecule.” This means the company connects solar power generation directly with hydrogen production and usage.

The process includes:

• Generating solar electricity

• Using that electricity to produce hydrogen

• Storing and supplying hydrogen

• Delivering it to industrial or mobility applications

GH2 Solar has developed this method to deliver a complete solution that goes beyond its current service offerings. The system operates multiple stages, which reduces expenses while boosting operational efficiency. All stages work together as one system.

GH2 Solar Target Customers And Use Cases

The company operates mainly to provide support for commercial and industrial customers, which consist of manufacturing plants, infrastructure operators, and government departments. The customers seek to lower their energy costs while they work toward their environmental sustainability targets.

GH2 Solar operates in the solar industry to serve businesses that require large amounts of electrical power for their operations. The company focuses on hydrogen fuel applications for industries that require sustainable fuel solutions. These include industrial facilities and emergency power generation.

GH2 Solar’s Major Clients and Solar Projects Delivered

GH2 Solar has completed more than 650 solar projects for over 325 clients, which has established the company as a leader in the commercial and industrial solar market.

The company operates with an established customer network, which allows it to offer hydrogen and storage solutions to its current clients.

GH2’s Growth Strategy

GH2 Solar’s growth strategy is built around expanding its presence in clean energy while strengthening its position across the value chain. The company is focusing on both scaling its existing solar business and building new capabilities in hydrogen and related technologies to create multiple revenue streams.

Key elements of the growth strategy include:

• GH2 Solar is increasing its focus on hydrogen production to tap into the rising demand for clean industrial fuel. This allows the company to move beyond electricity generation and participate in higher-value energy segments.

• The company is setting up its own electrolyser manufacturing facility to reduce dependence on external suppliers and improve cost efficiency. This also creates an additional revenue stream through equipment sales.

• By combining solar power generation with hydrogen production, GH2 Solar is building a model where it can offer end-to-end energy solutions to industrial customers, improving long-term client relationships.

• The company is exploring green ammonia as a downstream opportunity, which can open new markets and diversify revenue sources.

• As part of this strategy, GH2 Solar has outlined an investment plan of around ₹1,000 crore. A significant portion will be used to develop large-scale hydrogen production facilities and supporting infrastructure, along with expanding electrolyser manufacturing capacity.

• GH2 Solar is planning a public listing in the coming years to raise funds for expansion and strengthen its financial position, supporting long-term growth. 

The Road Ahead for GH2 Solar

GH2 Solar’s approach aligns with the clean energy industry's direction, in which power generation, fuel production, and supply are integrated into a single system. This model improves efficiency and strengthens customer relationships while enabling recurring revenue through long-term contracts. By combining its industrial client base with hydrogen production and asset ownership, the company is positioning itself to benefit from the growing demand for reliable, sustainable energy solutions. Thus making GH2 Solar Unlisted Shares an attractive investment option for many investors.

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