Egypt signs a memorandum of understanding with India’s ReNew Power for building a green hydrogen plant with investments estimated at $8 billion.
The signing ceremony witnessed the attendance of multiple Egyptian authorities including: Prime Minister Mostafa Madbouly, Eng. Yehia Zaki, Chairman of the Suez Canal Economic Zone, Eng. Sabah Mashali, Chairman of the Egyptian Electricity Transmission Company, and Mr. Sumant Sinha, Chairman and the CEO of ReNew Power India.
According to Eng. Yehia Zaki, this industrial plant will be built across an area of 600,000 square meters in the Sokhna integrated Zone, and will be split into to phases. The first phase, set to take place in 2023-2025, is expected to. produce 100,000 tons of green ammonia and 20,000 tons of green hydrogen, while the second phase will take place during 2025-2029 and aims to produce 200,000 tons of green hydrogen and million tons of green ammonia and investments valued at around $7,147 billion.
“The growing interest of major companies and global consortiums in partnership with SCZONE reflects our insightful vision in adopting green fuel as a target sector within our strategy for “2020-2025″ for export purposes or bunkering services. SCZONE is qualified to localize this industry and is developing its ports to supply ships with green fuel as soon as possible,” Zaki commented.
This MoU comes in line with the 5th Meeting of the Egypt-India Business Council where Egypt’s Vice President of the Economic Zone for Investment and Promotion Affairs, Walid Gamal, met up with various Indian authorities to discuss potential Indian investment opportunities in the economic zone.
Gamal also noted that there are three additional partnerships with India in the fields of green hydrogen to be revealed soon.
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