India’s ReNew Power signs initial pact for $8bln mega green fuels project in Egypt

India’s ReNew Power signs initial pact for $8bln mega green fuels project in Egypt

India’s ReNew Power has signed a tripartite memorandum of understanding with the General Authority for Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt (TSFE) and Egyptian Electricity Transmission Company (EETC) to establish a $8 billion green fuels project in Egypt’s Sokhna Industrial Zone.

In a press statement posted on its website, SCZONE quoted chairman Yehia Zaki as saying that the project would be developed in two phases over on an area of 600,000 square metres in Sokhna Integrated Zone and produce 220,000 tonnes of green hydrogen and 1.1 million tonnes of green ammonia.

He said the $710 million first phase will be operationalised in 2023-2025 and produce 100,000 tonnes of green ammonia and 20,000 tonnes of green hydrogen. The $7.2 billion second phase, which is expected to become operational during 2025-2029, will produce a million tonnes of green ammonia and 200,000 tonnes of green hydrogen.

The SCZONE chief said the Zone is targeting green fuel within its 2020-2025 strategy for export purposes and bunkering services.

SCZONE has signed eight green fuel MOUs with Denmark’s Maersk; Norway’s Scatec; France’s EDF Renewables; US-based H2-Industries; UAE’s Masdar and AMEA Power; Australia's Fortescue Future Industries, and Belgium's DEME Group.

ReNew is one of the largest renewable energy