What does GH2 Solar Limited do?

GH2 Solar Limited is a New Delhi-based company providing solar EPC (Engineering, Procurement & Construction) services and green hydrogen solutions. The company designs, installs, and commissions solar power systems and develops green hydrogen projects where solar energy powers electrolysers to produce clean hydrogen fuel.

Who are the promoters of GH2 Solar Limited?

GH2 Solar Limited is promoted by Mr Anurag Jain and Ms Aditi Jain, who are the founding promoters of the company incorporated in 2013 in New Delhi.

When was GH2 Solar Limited incorporated?

GH2 Solar Limited was incorporated in 2013 in New Delhi under CIN U35105DL2013PLC249995, making it over a decade old in the renewable energy services sector.

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Investment Thesis

GH2 Solar Limited is a Delhi-based promoter-driven company at the cutting edge of India's clean energy transition, combining a proven solar EPC business with an emerging green hydrogen solutions vertical. Founded in 2013 by Mr Anurag Jain and Ms Aditi Jain, the company has positioned itself to benefit from India's ambitious National Green Hydrogen Mission and the PM Surya Ghar rooftop solar programme. The ₹600 unlisted share price reflects investor optimism about the green hydrogen opportunity. While the solar EPC business provides near-term cash flows, green hydrogen remains pre-commercial at scale in India and the commercialisation timeline involves meaningful technology and policy risk. This is a high-conviction growth story for investors with long investment horizons aligned to India's 2030 clean energy targets.

Pros

Operating at the intersection of two of India's highest-priority energy transition sectors — solar EPC and green hydrogen — both benefiting from substantial government policy support and budget allocations
India's National Green Hydrogen Mission targets 5 million metric tonnes of green hydrogen production by 2030, with ₹19,744 crore in central government support, creating a large addressable market for green hydrogen solution providers
Solar EPC (Engineering, Procurement & Construction) business generates project-based revenue from India's booming rooftop solar and utility-scale solar markets, which added record capacity of 15+ GW in FY2024
The 'GH2' branding directly reflects green hydrogen ambition — hydrogen produced via electrolysis powered by renewable (solar) energy — positioning the company at the premium end of India's clean energy transition
Delhi NCR headquarters provides proximity to central government ministries (MNRE, MoPNG), policy bodies (IREDA, SECI), and large PSU clients who are early movers in green hydrogen adoption
Incorporated in 2013, the company has over a decade of operating history in the renewable energy space, predating many competitors in the green hydrogen vertical
Promoters Mr Anurag Jain and Ms Aditi Jain bring entrepreneurial ownership with aligned long-term incentives in growing the business

Cons

Green hydrogen remains a pre-commercial technology at scale in India — most projects are at pilot or demonstration stage, limiting near-term commercial revenue from the hydrogen vertical
Green hydrogen production costs in India (currently $3–6/kg) are well above conventional grey hydrogen ($1–2/kg), making commercial viability dependent on significant cost reductions in electrolyser and renewable energy costs
Solar EPC is a highly competitive, margin-compressed business with many established players (Sterling & Wilson, KPI Green, Vikram Solar, Waaree Energies) competing aggressively on price
As an unlisted private company, GH2 Solar has limited access to public capital markets for large project financing and balance sheet expansion
No confirmed ISIN — shares are not publicly tradeable on organised exchanges
Share price of ₹600 per share in the unlisted market implies a material premium, but without audited financials being public, valuation justification is opaque
Green hydrogen EPC projects require specialised expertise in electrolyser integration, hydrogen storage, and safety systems — scarce technical talent creates execution risk

Business Segments

Solar EPC Services

Engineering, procurement, and construction of rooftop solar, industrial solar, and utility-scale solar installations for commercial, industrial, institutional, and government clients across India

Green Hydrogen Solutions

Development, design, and commissioning of green hydrogen projects using solar-powered electrolysis systems for industrial and energy storage applications

Solar O&M Services

Operations and maintenance services for installed solar power systems, providing recurring annuity-type revenue

Revenue Model

GH2 Solar Limited generates revenue through (1) solar EPC project contracts — lump-sum or cost-plus contracts for designing and building solar power installations for commercial and industrial clients, (2) green hydrogen project development — consulting, feasibility studies, and EPC services for green hydrogen pilot and commercial projects, and (3) solar O&M services — recurring contracts for maintaining installed solar assets. The EPC business is project-driven and lumpy, while O&M provides more predictable recurring income. Green hydrogen projects currently contribute a smaller but strategically important revenue share that is expected to grow as the sector commercialises.

Detailed Analysis

Growth outlookExpansion plans, industry tailwinds & headwinds17

Growth Plans

National Green Hydrogen Mission's SIGHT programme incentives reducing electrolyser costs and accelerating green hydrogen project economics

PM Surya Ghar Muft Bijli Yojana targeting 1 crore rooftop solar installations driving massive solar EPC demand

India's 500 GW non-fossil energy capacity target by 2030 requiring enormous EPC industry capacity

Falling solar panel and electrolyser prices improving project IRRs for both solar EPC and green hydrogen projects

Recent Developments

National Green Hydrogen Mission approved

India's Cabinet approved the National Green Hydrogen Mission with ₹19,744 crore in government support, targeting 5 MMTPA green hydrogen production by 2030. This provides a large addressable market for green hydrogen solution providers like GH2 Solar.

2023

India solar capacity addition accelerates

India added record solar capacity in FY2024, with rooftop solar under PM Surya Ghar Muft Bijli Yojana receiving strong policy support (₹75,021 crore in central financial assistance for 1 crore households). This drives demand for solar EPC contractors.

2023–2024

Green hydrogen cost reduction targets

The government's SIGHT (Strategic Interventions for Green Hydrogen Transition) programme provides financial incentives to reduce electrolyser manufacturing costs and green hydrogen production costs. This accelerates the commercial viability timeline for green hydrogen projects.

Comparable Companies

CompanyTypeTickerMkt Cap

Sterling and Wilson Renewable Energy LimitedListedSTERLINGTMid-cap

KPI Green Energy LimitedListedKPIGREENMid-cap

Waaree Energies LimitedListedWAAREEENERLarge-cap

NTPC Green Energy LimitedListedNTPCGREENLarge-cap

Group Structure (8 entities)

EntityExtentReason

GH2FullParent

Clean Power Generation Pvt LtdFullsubsidiaries

Clean Power Generation In-1 Pvt LtdFull

Clean Power Generation In-2 Pvt LtdFull

Clean Power Generation In-3 Pvt LtdFull

Gh2 Solar Spv-1 Pvt LtdFull

Gh2 Solar Spv-2 Pvt LtdFull

GH2- AHES Pvt Ltd (erstwhile known as Greenovate Hydrogen Pvt Ltd)Full

Frequently Asked Questions

Green hydrogen is hydrogen gas produced by splitting water molecules (H2O) into hydrogen and oxygen using electrolysis, powered by renewable electricity (solar or wind). Unlike grey hydrogen (from fossil fuels), green hydrogen produces no carbon emissions. India's National Green Hydrogen Mission targets 5 million tonnes of green hydrogen production annually by 2030, making it a strategic priority for hard-to-abate sectors like steel, fertilisers, and heavy transport.

India's National Green Hydrogen Mission, approved by the Cabinet in January 2023 with a total outlay of ₹19,744 crore until 2029–30, aims to make India a global hub for green hydrogen production and export. It targets 5 million metric tonnes per annum (MMTPA) of green hydrogen production, 125 GW of associated renewable energy capacity, and cumulative investments of ₹8 lakh crore by 2030, creating over 6 lakh jobs.

Solar EPC (Engineering, Procurement & Construction) refers to the end-to-end services of designing a solar power project, procuring all equipment (panels, inverters, mounting structures, cables, monitoring systems), and constructing/commissioning the complete installation. EPC contractors like GH2 Solar manage the entire project lifecycle on behalf of the client, from feasibility studies to grid connection and handover.

About GH2 Solar Limited

GH2 Solar Limited is a New Delhi-based renewable energy company specialising in solar EPC (Engineering, Procurement and Construction) projects and green hydrogen solutions. Incorporated on 28 March 2013 with CIN U35105DL2013PLC249995, the company has emerged as a significant player in India's clean energy transition. Revenue for FY2024-25 reached Rs 214 crore, representing a remarkable 12x growth from FY2024, with PAT crossing Rs 20 crore and EBITDA margins of 13.4%. GH2 Solar has executed over 650 renewable energy projects across India and secured 105 MW of electrolyser capacity under the SECI Production Linked Incentive (PLI) scheme for green hydrogen. The company has a strategic joint venture with South Korea's AHES for electrolyser manufacturing in India, positioning it at the intersection of solar power and green hydrogen technology. The company raised Rs 59 crore through private placement to fund expansion. With Rs 147 crore in government subsidies secured, GH2 Solar has demonstrated strong capabilities in navigating India's renewable energy policy landscape. The company operates with approximately 54 employees and has carved a distinctive niche as an integrated solar-hydrogen energy solutions provider. Its Noida headquarters serves as the operational base for nationwide project execution teams.

Key Milestones

2013 — GH2 Solar Limited incorporated in New Delhi under CIN U35105DL2013PLC249995 by promoters Mr Anurag Jain and Ms Aditi Jain

Common questions about unlisted shares

How do I buy GH2 Solar Limited unlisted shares here?
Raise an enquiry on any company with the quantity you want. Our desk sources the shares and comes back with a firm price and allocation. You accept the allocation, transfer the funds to the desk's published bank account, and once we verify payment the shares are transferred into your demat.
Who am I actually transacting with?
You transact with the desk, not with an anonymous counterparty. When you buy, you buy from the desk; when you sell, you sell to the desk. Shares always route through the desk's own demat account, so there's one accountable party for the whole trade.
How do I pay, and is there a payment gateway?

Risk factors & red flagsInvestment risks and items flagged from public filings11

Fraud / GovernanceMedium

Green hydrogen at ₹250–500/kg ($3–6/kg) in India remains significantly more expensive than fossil fuel-derived alternatives. Commercial viability depends on electrolyser cost reductions, renewable energy price declines, and carbon pricing — all of which take years to materialise at scale.

Source: Company Financial Filings

Fraud / GovernanceLow

India's solar EPC market is intensely competitive with hundreds of registered EPC contractors competing on price. Margin compression is severe, particularly in the rooftop solar segment where government net-metering policies and subsidised installers compete aggressively.

Source: Company Financial Filings

Fraud / GovernanceLow

Green hydrogen projects require highly specialised expertise in electrolyser integration, hydrogen compression, storage, and safety systems. Talent scarcity and technology risk can lead to project delays and cost overruns.

Source: Media Reports / Public Records

Fraud / GovernanceLow

Large solar and green hydrogen projects require substantial upfront capital. As an unlisted company, GH2 Solar has limited access to capital markets, relying on promoter equity, debt financing, and project-level funding.

Source: Media Reports / Public Records

Operational RiskLow

Both the solar EPC and green hydrogen businesses are heavily dependent on government policy support — subsidies, mandates, and procurement programmes. Changes in policy or delays in incentive disbursement can materially impact project economics.

Source: AlphaHub Research

Fraud / GovernanceLow

Exposure to risks related to the ongoing project: The company is setting up a green hydrogen electrolyser manufacturing facility in Gwalior, Madhya Pradesh, with an annual manufacturing capacity of 105 megawatt (MW), in joint venture with South Korea-based Advanced Hydrogen Energy Solutions Ltd (AHE

Source: Media Reports / Public Records

Green Hydrogen Commercialisation Risk

Solar EPC Competition Risk

Project Execution Risk

Financing Risk

Policy Dependency Risk

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