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  • DAILY CURRENT AFFAIRS:Indian company ReNew signs a MoU to set up Green Hydrogen plant in Egypt

Indian company ReNew signs a MoU to set up Green Hydrogen plant in Egypt

Tags: Economy/Finance International News

The Indian, ReNew Power Private Limited company, has signed a memorandum of understanding (MoU) with Egyptian government agencies and a sovereign fund to set up a green hydrogen manufacturing facility at the Suez Canal Economic Zone in Egypt on 27 July 2022.

Green Hydrogen refers to the breaking down of the water molecule into hydrogen and oxygen using renewable sources of energy.

  • According to the MoU, ReNew will set up a plant with a capacity to produce 20,000 tonne green hydrogen a year, which will later be raised to 220,000 tonne, by relying on renewable energy sources. 
  •  ReNew will invest around $8 billion in the project.
  •  The agreement was signed between ReNew, General Authority for the Economic Zone of the Suez Canal, the Egyptian Electricity Transmission Company, and the Sovereign Fund of Egypt.
  • The project is scheduled to be implemented in phases, the first of which will be a pilot to produce 20,000 tonne green hydrogen, through a 150 MW electrolyzer equipped with 570 MW of renewable energy to produce 100,000 tons of green ammonia annually.
  • ReNew currently has an established power plant consisting of 4.23 GW of wind energy assets and 5.82 GW of solar power assets across India.
  • The company has also announced investing one lakh crore in renewable energy projects, including battery storage in both Maharashtra and Karnataka. 

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