Veppur Green Hydrogen cum Cryogenic Dry Ice Plant, Tamil Nadu | India's Largest Biogenic GH₂

Part 1 · Executive summary

Why Veppur wins — feedstock next door, customers within trucking range

Project at a glance
Promoter	Yogan Green Private Limited (YGPL)
Location	Veppur, Virudhachalam, Cuddalore district, Tamil Nadu — industrial-zoned land
Raw biogas input	22,000 + 20,000 Nm³/day (Phase 1 + Phase 2)
Power	₹6.2/kWh — TANGEDCO Group Captive Scheme
Term loan	65:35 debt:equity · 9.5% p.a. · 8+1 years
Assured offtake	CPCL for H₂ @ ₹352/kg ( requested, subject to approval)* · Sicgil for dry ice @ ₹30/kg (signed LOI)
Logistics	NH-45C · Virudhachalam Junction rail · Cuddalore Port 45 km

Strategic advantages

Feedstock next door — the TMB (Thirumavadi Bioenergy) plant is adjacent, supplying 22,000 Nm³/day of raw biogas with zero transport cost while eliminating gas flaring.
Phase 2 feedstock secured — pressmud from Cuddalore & Villupuram sugar mills within 30 km, spent grain from distilleries and breweries, and 2,00,000 L/day of Veda dairy waste.
Year-round climate — 25°–38°C and ~1,100 mm annual rainfall enable continuous anaerobic digestion with no seasonal shutdowns.
Customer proximity — CPCL (Chennai) for hydrogen and Sicgil India (Pondicherry) for dry ice, with pharma clusters in Chennai and Hyderabad; export-ready via Cuddalore Port.

Part 2 · Phased build-out

Two phases, ₹343 Crore, one integrated complex

Phase 1 · Months 1–9

Green hydrogen via SMR

22,000 Nm³/day raw biogas piped from the adjacent TMB plant
Biogas upgrader + H₂S scrubbing to CPCL purity standards
Steam methane reforming — green hydrogen offtaken by CPCL at ₹352/kg

CAPEX ₹198 Crore

Phase 2 · Expansion

New digester + dry ice complex

20,000 Nm³/day new digester — pressmud, spent grain & Veda dairy waste co-digestion
CO₂ liquefaction & dry ice plant on RRSi technology — highest purity, lowest power
Biogenic dry ice offtaken by Sicgil India at ₹30/kg under signed LOI

CAPEX ₹145 Crore

Phase 1 — the 9-month build

Months 1–3Site preparation & civil works — foundation, utilities, structural steel.

Months 4–6Equipment installation — SMR reactor, biogas upgrader, H₂S scrubber, PSA unit.

Months 7–9Commissioning & testing — compression, storage, dispatch, SCADA integration.

Part 3 · Technology

From raw biogas to high-purity hydrogen — and every CO₂ molecule to dry ice

Biogas intake22,000 Nm³/day raw biogas piped from the adjacent TMB plant.

H₂S scrubbingDesulphurisation protects downstream catalysts and meets purity specs.

UpgradationMembrane/PSA upgrading to reformer-grade biomethane.

SMRFive modular reformer units (533 m² block) producing 7.8 TPD of green hydrogen.

Purify & dispatchPolished to CPCL standards; delivered by hydrogen cascade.

RRSi dry ice technology — the efficiency moat

95% CO₂ conversion efficiency — versus standard plants, with the highest purity output.
~73.5 kWh/tonne with SMR integration against ~245 kWh/tonne for conventional systems — roughly 4× lower power.
16.1 TPD of CO₂ saved daily from venting and converted into product.
~₹3.8 Cr equipment cost with ~8-month payback — the integration adds ₹165 Cr more annual revenue at 2× output.

Feedstock security — the TMB moat

TMB adjacency — 22,000 Nm³/day of raw biogas next door: zero transport cost, no flaring, no supply chain.
Pressmud within 30 km — Cuddalore & Villupuram sugar mills fuel the Phase 2 digester, taking total feedstock to 42,000 Nm³/day.
Veda Dairy — 2,00,000 L/day of secured liquid feedstock for co-digestion.
Spent grain from key distilleries and breweries diversifies the mix.

Part 4 · The investment case

Venture-grade returns on mission-grade policy support

36.2%

Base-case project IRR — above 33% even under CAPEX-overrun stress; a 20% power-tariff rise trims it just 1.6 pp

2.3 yrs

Payback period

₹1,285 Cr

Project NPV · DSCR 4.4x

₹389 Cr

Annual revenue at full scale · ~82% EBITDA margin · PAT ₹199 Cr from Year 3

Revenue security

CPCL, Chennai — green hydrogen at ₹352/kg, backed by NGHM refinery and fertiliser mandates; with the SIGHT subsidy, net cost to CPCL stays competitive.
Sicgil India, Pondicherry — signed LOI for biogenic dry ice at ₹30/kg, serving e-commerce, pharma, seafood, steel and nuclear-grade demand with a biogenic-CO₂ premium.
SIGHT incentive ₹50/kg H₂ — ₹4.44 Cr/yr of direct government cash at Phase 1 capacity.
Carbon credits via methane avoidance, fully monetised at maturity.

₹650+ Crore of policy support

Central: SIGHT subsidy, PLI scheme and tax benefits under the National Green Hydrogen Mission.
State: Tamil Nadu green energy policy support with an early-bird advantage.
Structure: ₹240 Cr term loan at 9% with a 1-year moratorium; combined subsidy impact exceeds ₹650 Cr over the project horizon.
Trajectory: SIGHT revenue flows and CPCL supply from Phase 1 operations; carbon credits monetised; YGPL IPO-ready — targeted FY 2029-30.

AIG Direct LLC's US$4.0M Tranche B (₹38.00 Cr @ ₹95/US$) contributes toward the ₹120 Cr equity requirement within the 65:35 funding of the ₹343 Cr aggregate cost — anchored to the project report's equity NPV of ~₹687 Cr at a 12% discount rate. See the Investment & Funding section for the full term-sheet summary.

India's largest biogenic Green Hydrogen cum Cryogenic Dry Ice plant.