ReNew Power & Egyptian Govt Sign Framework Agreement for Green Hydrogen Plant
- Renewable energy corporation, ReNew Power and also the Egyptian federal government have actually authorized a framework agreement for the building of an $8 billion green hydrogen plant in the Suez Canal Economic Zone.
The green hydrogen manufacturing capacity of the plant is anticipated to be 220,000 tonnes annually.
Renewable energy empire, ReNew Power as well as the Egyptian federal government have actually signed a framework agreement for the building and construction of an $8 billion green hydrogen plant in the Suez Canal Economic Zone.
The green hydrogen manufacturing capacity of the plant is anticipated to be 220,000 tonnes per year. Following the Memorandum of Comprehending (MoU) signed in July of this year, the framework agreement was produced.
" The preliminary phase of this project's implementation is a pilot phase that will certainly produce 20,000 tonnes of green hydrogen and its by-products annually. The project's overall capacity to generate green hydrogen will increase to 220,000 tonnes annually when the manufacturing of 200,000 tonnes each year of green hydrogen and also by-products is accomplished in the following phase (Phase I)," according to a statement from the firm.
ReNew Power will proceed project and also site investigations based upon the framework agreement in the forthcoming months and also is prepared for to make the Final Investment Decision (FID) throughout the adhering to 12 to 16 months. It stated that the pilot phase project is anticipated to be functional in 2026.
Elsewedy Electric S.A.E., an integrated power remedies provider in the Middle East and Africa, and also ReNew Power have teamed to establish the project locally.
Chairman and also President of ReNew, Sumant Sinha, stated: "Green hydrogen is important for decarbonizing significant, worldwide affordable fields. This framework agreement shows ReNew Power's purpose to take a leading and cutting-edge role in this creating market-- in initiatives to deal with climate change on a global range-- along with partners like the Egyptian federal government. The Middle East and also Africa region's green development is crucial to the globe economic climate, and ReNew Power is prepared to collaborate on it."
"Green hydrogen is the catalyst for carbon neutrality. As a result, we are established to boost investment in the green hydrogen sector. Elsewedy Electric's long-lasting sustainability strategy, which improves Egypt's National Climate Change Strategy 2050 and also supports global efforts to combat climate change, includes this." said Ahmed El Sewedy, president and ceo of Elsewedy Electric.
A Memorandum of Understanding (MoU) was checked in July by ReNew, the Egyptian Electricity Transmission Company, the General Authority for the Economic Zone of the Suez Canal, as well as the Sovereign Fund of Egypt.
Recently, ReNew Power got a loan/ green project finance from Bank of America amounting to about Rs 800 crore, the lender's very first local project financing agreement in the renewable energy sector after a lengthy lack.
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