NEW DELHI :
ReNew Energy has signed the framework settlement with the federal government of Egypt to arrange a inexperienced hydrogen plant within the Suez Canal Financial Zone with an funding of $8 billion.
The plant is predicted to have a capability of 220,000 tonne annual manufacturing of inexperienced hydrogen. The framework settlement follows the Memorandum of Understanding (MoU) signed in July, earlier this 12 months.
“This challenge is scheduled to be carried out in phases, the primary of which is a pilot part to supply 20,000 tonnes of inexperienced hydrogen, together with derivatives, yearly. Within the subsequent part (Section I), the manufacturing of 200,000 tonnes per 12 months of inexperienced hydrogen, together with derivatives, can be achieved thereby bringing the challenge’s whole Inexperienced Hydrogen manufacturing capability to 220,000 tons per 12 months,” stated an announcement from the corporate.
Based mostly on the framework settlement, ReNew Energy can be additional enterprise challenge and web site research within the coming months and is predicted to make the Remaining Funding Determination (FID) over the subsequent 12–16 months. The pilot part challenge is predicted to be commissioned in 2026, it stated.
ReNew Energy has partnered with Elsewedy Electrical S.A.E. an built-in power options supplier within the Center East and Africa, which would be the native co-developer for the challenge.
Sumant Sinha, Chairman and Chief Govt Officer, ReNew stated: “Inexperienced Hydrogen is important for decarbonizing main hard-toabate industries globally. This framework settlement reveals that ReNew Energy, with companions corresponding to the federal government of Egypt, intends to take a pioneering and management position on this rising sector- in international efforts to fight local weather change. Inexperienced development within the Center East and Africa area is extraordinarily vital for the worldwide economic system and ReNew Energy is able to associate for this development”.
Ahmed El Sewedy, President and CEO, Elsewedy Electrical stated: “Inexperienced Hydrogen is the catalyst for carbon neutrality. Subsequently, we’re dedicated to inject extra funding within the inexperienced hydrogen business. Partnering with one of many world’s main renewable power corporations diversifies Elsewedy Electrical’s portfolio to impression totally different sectors, consistent with our technique that goals at offering sustainable built-in options in an effort to help communities’ betterment, paving the best way to reaching Internet Zero. This comes as a part of Elsewedy Electrical’s long run sustainability technique, leveraging Egypt’s Nationwide Local weather Change Technique 2050 and supporting the worldwide efforts to handle Local weather Change.”
In July, an MoU was signed amongst ReNew, Common Authority for the Financial Zone of the Suez Canal, the Egyptian Electrical energy Transmission Firm, and the Sovereign Fund of Egypt.
On 26 July, Mint had reported that ReNew Energy is taking a look at organising inexperienced hydrogen initiatives in Egypt, Oman and Morocco.
Egypt has main plans for inexperienced hydrogen growth within the nation. The pipeline for inexperienced hydrogen initiatives within the nation is at over 11 gigawatts, or over 1.57 million tonnes of inexperienced hydrogen.
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Supply: Live Mint