ReNew Power Private Limited has signed the framework agreement with the Government of Egypt to set up a green hydrogen plant in the Suez Canal Economic Zone.
The agreement entails an investment of USD8 billion and a targeted annual production of 220,000 tonnes of green hydrogen. The framework agreement follows the memorandum of understanding (MoU) signed in July 2022. This project is scheduled to be implemented in phases. First will be a pilot phase to produce 20,000 tonnes of green hydrogen, along with derivatives, annually. In the next phase (Phase I), the production of 200,000 tonnes per year of green hydrogen, along with derivatives, will be achieved thereby bringing the project’s total green hydrogen production capacity to 220,000 tons per year. Based on the framework agreement, ReNew Power will undertake project and site studies in the coming months and is expected to make the final investment decision over the next 12-16 months. Thereafter, the pilot phase project is expected to be commissioned in 2026.