Egypt has signed an MoU with an Indian company ReNew Energy to build a green hydrogen factory at the Suez Canal Economic Zone (SCZone).
According to the MoU, the Indian company is expected to start a feasibility study to establish production for the new plant. The project will have ReNew invest $8 billion to set up a production unit with an annual capacity of 20,000 tonnes.
The project will be carried out in a phase where the pilot phase will be experimental and produce up to 20,000 tonnes of green hydrogen annually. The second phase, however, will see the capacity increase to 200,000 tonnes bringing the total capacity to 220,000 tonnes of green hydrogen.
According to a Facebook post by the Egyptian Embassy in India, the New and Renewable Energy Authority will select the site for renewable energy plants, and the electricity will be delivered via the national power grid.
ReNew, which counts Abu Dhabi Investment Authority and Goldman Sachs Group among its key investors and is India’s largest renewable energy company, signed this MoU with Egypt’s New and Renewable Energy Authority, the SCZone, the Egyptian Electricity Transmission Co., and the sovereign fund of Egypt.
This project aligns with the Egyptian government’s ambitious plan of reducing the reliance on electricity from non-renewable sources. The country, which will be hosting the climate conference COP27 in November, has a hydrogen strategy in place and wants to increase the share of renewable energy to 45% by 2035.
Most Innovative Companies comes to the Middle East this October! Click here to know more.