Egypt has signed a memorandum of understanding (MoU) with an Indian company, Indian ReNew Power Private Limited (RENE.BO), to build a green hydrogen factory in the Suez Canal Economic Zone, according to a statement by the cabinet. The factory, which is worth USD 8 billion (EGP 151 billion) will produce 20,000 tonnes of green hydrogen a year in the first phase. The second phase will see an expansion in production to reach 200,000 tonnes. In a statement, ReNew Power said that it is proud to partner with Egypt, as “it shows global leadership in taking on the existential threat of climate change in the lead up to COP27”. The Minister of Electricity and Renewable Energy, Mohamed Shaker said, “Egypt enjoys an abundance of wind and solar energy resources through which enough renewable energy can be generated to produce green hydrogen and ammonia. Egypt is a promising market to become a key global player in the green energy value chain.” Previously, Shaker also announced the year 2022 as to be “The Year of Green Hydrogen,” regarding it as the fuel of the future. Ambassador of India to Egypt, Ajit Gupte, said…
Indian Company to Build $8 Billion Green Hydrogen Factory in Egypt
July 29, 2022
