Hygenco Green Energies Private Limited has secured a $105 million equity fundraise from a consortium of global institutional investors, with Cyril Amarchand Mangaldas, Talwar Thakore & Associates, and Khaitan & Co acting as legal counsel across the transaction. The definitive agreements were announced on 5 June 2026, with International Finance Corporation (IFC), Siemens Financial Services, and the Fullerton Carbon Action Fund co-leading the collective US$105 million equity investment into Hygenco.
Introduction
Hygenco Green Energies Private Limited has signed definitive agreements to raise $105 million in equity from a consortium of global institutional investors led by IFC, Siemens Financial Services, and Fullerton Fund Management’s carbon-focused investment strategy. Cyril Amarchand Mangaldas acted as legal counsel to the Company and its promoters in connection with the transaction.
Hygenco operates as a green molecules platform engaged in the production, processing, storage, supply, transport, distribution, and sale of hydrogen and its derivatives, along with related infrastructure business models including build-own-operate structures and associated environmental attribute services. The company currently operates two commercial green hydrogen plants in India and plans to begin construction on three to four additional facilities in 2026–27.
Deal Value
IFC is investing $25 million from its own account, Siemens is investing $25 million, and Fullerton is investing up to $30 million. This is complemented by two blended-finance facilities implemented by IFC — the Clean Technology Fund, investing $20 million, and the Frontier Opportunities Fund, supported by the German government, providing $5 million.
Legal Teams Involved
Cyril Amarchand Mangaldas advised Hygenco Green Energies Private Limited and its promoters.
The transaction team was led by Amarta Roy, Partner, and Ishita Khandelwal, Partner, with support from Shreya Teewari, Principal Associate; Parnika Malhotra, Consultant; Bharti Singh, Senior Associate; and Aeruva Akash, Associate.
TT&A advised IFC and Fullerton on their investments in Hygenco. The transaction team consisted of Gautam Saha, Partner; Amrita Patnaik, Partner; Pooja Menon, Partner; and Shamik Gupta, Senior Associate. Akshay Malhotra, Partner; Kush Saggi, Managing Associate; and Eshani Agarwal, Associate conducted due diligence.
Khaitan & Co advised Siemens on its investment in Hygenco. Further details of the Khaitan & Co team were not disclosed.
Significance and Impact
This transaction represents the first direct green hydrogen investment in India by each of the three investing institutions. The involvement of a development finance institution, a private institutional investor, and an industrial conglomerate in a single round reflects the maturing blended-finance architecture for India’s clean energy sector.
By expanding production capabilities and strengthening supply chains, Hygenco aims to deliver zero-emission green molecules to hard-to-abate industrial sectors, playing a transformative role in the country’s energy transition and directly supporting India’s National Green Hydrogen Mission. The transaction will also support the creation of more than 1,000 direct jobs over five years, while generating indirect employment opportunities across the green hydrogen value chain and the broader industrial ecosystem.
For a broader view of recent deal activity across Indian law firms, see the Deal Meter.
Disclaimer: This article is for informational purposes only and does not constitute legal advice. It is based on the details provided and publicly available sources.
