India’s ReNew Power signs framework agreement to build $8bn green hydrogen plant in Egypt

India’s largest renewable energy firm ReNew Power has signed on Tuesday the framework agreement with the Egyptian government to set up a green hydrogen plant in the Suez Canal Economic Zone with an investment of $ 8 billion, according to its statement.

The project is scheduled to be implemented in phases, with the first to produce 20,000 tons of green hydrogen, along with derivates, and be commissioned in 2026.

ReNew Power has partnered with El Sewedy Electric, the leading integrated energy solutions provider in the Middle East and Africa, which will be the local co-developer for the project, the statement added.

“The core operations of the company continue to execute as expected this year and our continued access to affordable capital are enabling the company to capitalise on significant growth opportunities,” said ReNew CEO Sumant Sinha.

This step came align with El Sewedy’s strategy that aims at providing sustainable integrated solutions in order to support communities’ betterment, paving the way to achieving net zero, its CEO Ahmed El Sewedy added.

In July, the company has signed the memorandum of understanding of the project, with the General Authority for Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), Egyptian Electricity Transmission (EETC), and New and Renewable Energy Authority (NREA).

ReNew revealed on Tuesday that it is acquiring shares in 3E, a renewable energy asset performance management and analytics platform that has about 20GW of contracted capacity under management.