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Business News/ Industry / Energy/  ReNew signs agreement with Egyptian govt for green hydrogen plant


ReNew Power has signed the framework agreement with the government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of $8 billion.

The plant is expected to have a capacity of 220,000 tonne annual production of green hydrogen. The framework agreement follows the Memorandum of Understanding (MoU) signed in July, earlier this year.

“This project is scheduled to be implemented in phases, the first of which is a pilot phase to produce 20,000 tonnes of green hydrogen, along with derivatives, annually. In the next phase (Phase I), the production of 200,000 tonnes per year of green hydrogen, along with derivatives, will be achieved thereby bringing the project’s total Green Hydrogen production capacity to 220,000 tons per year," said a statement from the company.

Based on the framework agreement, ReNew Power will be further undertaking project and site studies in the coming months and is expected to make the Final Investment Decision (FID) over the next 12–16 months. The pilot phase project is expected to be commissioned in 2026, it said.

ReNew Power has partnered with Elsewedy Electric S.A.E. an integrated energy solutions provider in the Middle East and Africa, which will be the local co-developer for the project.

Sumant Sinha, Chairman and Chief Executive Officer, ReNew said: “Green Hydrogen is critical for decarbonizing major hard-toabate industries globally. This framework agreement shows that ReNew Power, with partners such as the government of Egypt, intends to take a pioneering and leadership role in this emerging sector- in global efforts to combat climate change. Green growth in the Middle East and Africa region is extremely important for the global economy and ReNew Power is ready to partner for this growth".

Ahmed El Sewedy, President and CEO, Elsewedy Electric said: “Green Hydrogen is the catalyst for carbon neutrality. Therefore, we are committed to inject more investment in the green hydrogen industry. Partnering with one of the world’s leading renewable energy companies diversifies Elsewedy Electric’s portfolio to impact different sectors, in line with our strategy that aims at providing sustainable integrated solutions in order to support communities’ betterment, paving the way to achieving Net Zero. This comes as part of Elsewedy Electric’s long term sustainability strategy, leveraging Egypt’s National Climate Change Strategy 2050 and supporting the global efforts to address Climate Change."

In July, an MoU was signed among ReNew, General Authority for the Economic Zone of the Suez Canal, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt.

On 26 July, Mint had reported that ReNew Power is looking at setting up green hydrogen projects in Egypt, Oman and Morocco.

Egypt has major plans for green hydrogen development in the country. The pipeline for green hydrogen projects in the country is at over 11 gigawatts, or over 1.57 million tonnes of green hydrogen.

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Updated: 15 Nov 2022, 09:05 PM IST
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