India’s largest renewable energy firm ReNew Power has on Wednesday signed a memorandum of understanding to build a $8 billion green hydrogen and ammonia production plant in the Suez Canal Economic zone.
ReNew Power has signed the agreement with the General Authority for Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), Egyptian Electricity Transmission (EETC), and New and Renewable Energy Authority (NREA). They will jointly build a plant that can produce up to 220,000 tons of green hydrogen and 1.100 million tons of green ammonia a year.
Yehia Zaki, chairman of SCZone, explained in a statement that the large-scale project will be implemented in two phases. In the first phase during the 2023 and 2025 period, the plant will produce 100,000 tons of green ammonia and 20,000 tons of green hydrogen with investments worth up to around $710 million, Zaki said.
In the second phase within the 2025 and 2029 period, the plant will produce 200,000 tons of green hydrogen and 1 million tons of green ammonia, with investments worth around $7.147 billion.
The plant will be located in the integrated industrial and residential zone in Ain Sokhna city, to span over 600.000 square metres, Zaki added.
Zaki signed the MoU with Ayman Soliman, chief executive of TSFE; Sabah Mashali, chairperson of EETC; Mohammed El Khayat, chairman of NREA, and Sumant Sinha, chairman and chief executive of ReNew Power.
The signing ceremony was in the presence of Egyptian Electricity Minister Mohamed Shaker, Planning Minister Hala al-Saeed, and Shri Ajit Gupte, ambassador of India to Egypt.
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