A framework agreement has been inked between ReNew Power and the Egyptian authorities for the construction of a green hydrogen plant in Egypt. The General Authority of the Suez Canal Economic Zone (SCZone) made the announcement in a press release released on Friday.
The agreement, which was inked in New Delhi during a roadshow conducted by a delegation from the SCZone in India, provides for a total investment of $8b.
The proposed green hydrogen plant in Egypt is to be carried out in Phases
There will be two phases to the project. In the first phase, which will be an experimental one, a 150-megawatt electrolyser powered by 570 megawatts of renewable energy should be able to produce 20,000 tonnes of green hydrogen and 100,000 tonnes of green ammonia annually.
Production capacity will be boosted to 220,000 tonnes of green hydrogen and one million tonnes of green ammonia per year. After the installation of a 1.5 gigawatt electrolyser fueled by 5.68 gigawatts of renewable energy.
Furthermore, SCZone stated that a delegation of managers from the ReNew Power group intends to travel to Egypt in July. To wrap off the project’s negotiations with all parties involved.
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Sumant Sinha, CEO of ReNew, said in the statement, “This framework agreement for green a hydrogen plant in Egypt demonstrates ReNew Power’s intention. To take the lead in the global effort to tackle climate change, along with partners like the Egyptian government.”
ReNew is one of the biggest independent producers of power from renewable sources worldwide. Additionally, ReNew develops, constructs, and owns utility-scale wind, solar, and hydroelectric projects. Furthermore, ReNew had a gross portfolio of 13.4 GW renewable energy projects in India as of October 10, 2022.
