Egypt has signed a memorandum of understanding (MoU) with India’s ReNew Power for the development of a green hydrogen factory in the Suez Canal Economic Zone, reported Reuters.
As per the MoU, ReNew will construct a factory with a production capacity of 20,000t of green hydrogen annually.
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This plant will be built with an investment of $8bn.
Earlier this week, ReNew Power stated that it is eyeing to foray into Africa by building green hydrogen projects in Egypt and Morocco, reported LiveMint, citing two sources aware of the matter.
It is also planning to build a green hydrogen project in Oman.
The three countries have taken several measures for decarbonization, including green hydrogen projects.
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By GlobalDataEgypt’s pipeline of green hydrogen projects is at more than 11GW or more than 1.57 million tonnes of green hydrogen. Its government intends to release a $40bn- hydrogen plan soon.
In 2019, Morocco had established the National Hydrogen Commission to achieve carbon neutrality. Last year, it created a roadmap on green hydrogen, as per which it expects its demand for hydrogen to reach 4 tera-watt hour by the end of this decade.
Oman is aiming to become a production hub for green hydrogen.
In March this year, ACME Group signed an agreement with Scatec to set up a 50:50 joint venture to design, develop, build, own and operate a green hydrogen facility in Oman.
In April this year, ReNew Power signed a joint venture agreement with state-run Indian Oil Corporation and engineering and construction major Larsen & Toubro for green hydrogen production in India.
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Image: The green hydrogen plant will be built with an investment of $8bn. Credit: Denny Franzkowiak from Pixabay.
