India’s independent force manufacturer (IPP) ReNew Power has signed an agreement with the Egyptian government to establish a hydrogen plant that will require an investment of $8 billion.
Planned for the Suez Canal Economic Zone, the allocation is expected to be implemented in phases, with the first to produce 20,000 tonnes of green hydrogen, as derivatives, and to be commissioned in 2026.
The next phase would bring the project’s total green hydrogen production capacity to 220,000 tonnes consistent with the year, but no timeline is given for when that will be achieved.
ReNew Power has partnered with energy response provider Elsewedy Electric, which will be the local co-developer of the project.
Under the agreement with the Egyptian government, ReNew will adopt the allocation and studies in the coming months and is expected to make a final investment resolution within the next 12 to 16 months.
The news comes after green energy company Fortescue Future Industries revealed plans in September to build a green hydrogen facility in Egypt that would come with 9. 2 GW of solar and wind generation, while another IPP, Globeleq, will also expand a green hydrogen hub in Egypt. the country’s Suez Canal economic zone.
ReNew Power signed an agreement with the engineering company Larsen year.
Egypt’s announcement coincides with ReNew’s effects for the three months ending Sept. 30, revealing that it had 3,713 MW of solar orders at the end of the quarter, a 45% year-on-year increase.
The company’s profit in the quarter reached INR 22. 409 billion (USD 275 million), a year-on-year jump of 5. 1%, while it recorded a net loss of INR 986 million, to a net loss of INR 6. 6 billion in the same quarter. Last year’s quarter.
“The company’s core operations continue to run as planned this year and our continued affordable capital allows the company to capitalize on significant expansion opportunities,” said Sumant Sinha, CEO of ReNew.
In the quarter under review, ReNew secured financing from 12 lenders for a 24-hour renewable energy allocation in India that will come with 900 MW of wind power, 400 MW of solar PV and battery energy storage.
ReNew announced that it will obtain a stake in 3E, a renewable energy asset functionality research and control platform that manages approximately 20 GW of contract capacity.