NEW DELHI : NASDAQ-listed ReNew Energy Ltd is seeking to foray into Africa by growing inexperienced hydrogen tasks in Egypt and Morocco, mentioned two individuals within the know. It additionally has plans for Oman.
ReNew has introduced a slew of initiatives to diversify its renewable power enterprise, together with inexperienced hydrogen and power storage.
In April, it entered a three way partnership settlement with state-run Indian Oil Corp. Ltd and engineering and development main Larsen & Toubro to supply inexperienced hydrogen in India.
In June, Sumant Sinha, ReNew Energy’s chairman and MD, mentioned it has been speaking with its JV companions to agency up the plan. “I don’t wish to give a timeline however definitely work is occurring. We’re bringing nice experience into this three way partnership to make it a pre-eminent inexperienced hydrogen mission.”
Morocco, Oman and Egypt have taken a number of measures for decarbonization, together with inexperienced hydrogen tasks.
Egypt’s pipeline for inexperienced hydrogen tasks is at over 11 gigawatts, or over 1.57 million tonnes of inexperienced hydrogen. The federal government of Egypt plans to launch a $40-billion hydrogen plan quickly.
Equally, in 2019 Morocco arrange the Nationwide Hydrogen Fee to attain carbon neutrality. Subsequently, in 2021 it ready a roadmap on inexperienced hydrogen, based on which, it expects the nationwide demand for the useful resource and its derivatives to succeed in 4 tera-watt hour by 2030. To realize this goal it wants 2GW in renewable power sources — half of the dominion’s put in capability. Export demand over the identical interval is estimated at 10TWh, mobilizing investments of $10 billion by 2030 and $75 billion by 2050.
Oman can be planning to turn out to be a manufacturing hub for inexperienced hydrogen. In March, one other homegrown renewable power agency, the ACME Group had signed an settlement with Norwegian firm Scatec to ascertain a 50:50 three way partnership to design, develop, construct, personal and function a large-scale inexperienced hydrogen facility in Oman.
In response to Mint’s question, a ReNew Energy spokesperson mentioned: “Now we have no remark.”
Obtain The Mint Information App to get Every day Market Updates.
Extra
Much less
Supply: Live Mint