ReNew Power has signed a framework agreement to build a green hydrogen plant with an investment of $8bn in the Suez Canal Economic Zone of Egypt.
This framework agreement comes after the memorandum of understanding (MoU) signed in July this year.
The framework was signed by ReNew Power Private Limited, a subsidiary of ReNew Energy Global with the Government of Egypt.
The plant will have a targeted annual production of 2,20,000 tonnes of green hydrogen, and will be developed in phases, with the pilot phase have a capacity to produce 20,000 tonnes of green hydrogen, along with derivatives, annually.
The project under the pilot is expected to be commissioned in 2026.
In the next phase, the plant will be able to produce 2,00,000 tonnes of green hydrogen annually, along with derivatives.
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As per the framework agreement, ReNew Power will also be undertaking project and site studies in the months to come and is expected to take the final investment decision (FID) over the next 12-16 months.
ReNew Power has teamed up with Elsewedy Electric (Elsewedy), an integrated energy solutions provider in the Middle East and Africa. Elsewedy will serve as the local co-developer for the project.
ReNew chairman and CEO Sumant Sinha said: “This framework agreement shows that ReNew Power, with partners such as the government of Egypt, intends to take a pioneering and leadership role in this emerging sector in global efforts to combat climate change.”
Elsewedy Electric president and CEO Ahmed El Sewedy said: “Partnering with one of the world’s leading renewable energy companies diversifies Elsewedy Electric’s portfolio to impact different sectors, in line with our strategy that aims at providing sustainable integrated solutions in order to support communities’ betterment, paving the way to achieving net zero.”
Image: The project under the pilot is expected to be commissioned in 2026. Credit: マクフライ 腰from Pixabay.