ReNew Power announced the signing of a framework agreement with Egypt for building a green hydrogen plant in the Suez Canal Economic Zone with $8 billion investment. The framework agreement follows the signing of a Memorandum of Understanding (MoU) in July 2022. This project will be implemented in phases, the first of which will be a pilot phase that will produce 20,000 tonnes of green hydrogen and derivatives per year.
The next phase (Phase I) will entail the production of 200,000 tonnes per year of green hydrogen and derivatives that will bring the project’s total green hydrogen production capacity to 220,000 tonnes annually. According to the framework agreement, ReNew Power will conduct additional project and site studies in the coming months before making a final investment decision in the coming 12-16 months. The pilot phase project is scheduled to be completed in 2026.
Recently in August 2022, ReNew Power entered into an external commercial borrowings (ECB) project finance loan agreement with 12 international lenders led by Rabobank. The renewable project has a capacity of 1,300 MW with round-the-clock power supply and battery-enabled hybrid capacity.
