ReNew Power has announced that it has signed a preliminary agreement with the Egyptian government to invest around $8 billion (over Rs 63,000 crore) to produce green hydrogen in the African country.
ReNew, backed by investors including Goldman Sachs Group Inc and Abu Dhabi Investment Authority, will be looking to produce 220,000 tonnes of clean fuel annually in Egypt in the coming years, Chairman Sumant Sinha said.
The Indian company plans to build the project in the Suez Canal Economic Zone, the Egyptian embassy in New Delhi said in a Facebook post.
ReNew joins numerous Indian companies tapping the prospects in green hydrogen, which is considered crucial to decarbonize hard-to-abate heavy industries. Conglomerates run by India's two richest men — Gautam Adani and Mukesh Ambani — along with state energy giants have committed large investments in the green hydrogen value chain, responding to Prime Minister Narendra Modi's ambition to make the country a global powerhouse in this area.
"Green Hydrogen is critical for decarbonizing industries in the fight against climate change and we intend to be a global leader in this sector," ReNew's Sinha said.