Egypt will get a hydrogen plant from ReNew.

NASDAQ-listed Renew Power and the Suez Canal Economic Zone in Egypt have signed a Memorandum of Understanding (MoU) to establish a green hydrogen manufacturing facility. The Egyptian embassy in India posted on Facebook that the facility could cost up to $8 billion to build.

By utilising renewable energy sources, Renew will establish a factory with a capacity to create 20 000 tonnes of green hydrogen annually, which will eventually be increased to 22 000 tonnes. Renew, the General Authority for the Economic Zone of the Suez Canal, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt were among the signatories to the MoU. The project will be developed in stages, with the first phase consisting of a pilot to manufacture 20K tonnes of green hydrogen through a 150 MW electrolyzer outfitted with 570 MW of renewable energy to produce 100,000 tonnes of green ammonia annually.

The Suez Canal Economic Zone wants to work with Renew in the area of green hydrogen, according to Yahya Zaki, head of the Suez Canal Economic Zone General Authority. Ayman Soliman stated, We are pleased to partner with one of the largest producers of renewable energy in India and around the world, Renew Power Private Limited, as this partnership reflects the interest of global developers specialised in investing in such projects by choosing Egypt as a destination for investment in this field, due to its strategic location and renewable energy resources that enable it to transform into a regional hub for green energy. Renew Power is considering establishing green hydrogen projects in Egypt, Oman, and Morocco, according to a 26 July Mint story.

In their attempts to reduce carbon emissions, all three nations have significant plans for producing green hydrogen. Egypt now has around 11 gigawatts (GW), or more than 1.57 million tonnes, of green hydrogen project pipeline. Egypt's government intends to announce a $40 billion hydrogen initiative. Renew Power stated in April that it was launching a joint venture (JV) firm with state-run Indian Oil Corporation (IOC), engineering and construction giant Larsen & Toubro (L&T), to manufacture green hydrogen in the nation with equal equity participation. In India, Renew now owns a portfolio of 5.82 GW of solar power assets and 4.23 GW of wind energy assets. Renew has inked formal contracts to buy 527.9 MW of operational wind and solar assets last month.

The business has also disclosed plans to invest 1 trillion rupees in renewable energy projects, including battery storage, in both Maharashtra and Karnataka. The company, which is funded by Goldman Sachs, announced in May that it intended to invest 50K crores in developing renewable energy projects in Maharashtra, including wind, solar, hybrid power, battery storage, and green hydrogen. In Karnataka, it intends to invest an additional 50K crores in the creation of green energy projects.

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