India-based ReNew Power has signed a memorandum of understanding (MOU) with the General Authority for Suez Canal Economic Zone (SCZone), the sovereign fund of Egypt, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority to begin an $8bn project to produce 220,000 tons of green hydrogen.
The plant initially will be put up on an area of 600,000 square metres in the Sokhna Zone of SCZone. The first phase will be between 2023 and 2025, with an investment of about $710m, aiming to produce 100,000 tons of green ammonia and 20,000 tons of green hydrogen annually. In the next phase (2025–2029), the annual production capacity of the plant will be up to 200,000 tons of green hydrogen and a million tons of green ammonia, with investments of $7.15bn, Yehia Zaki, a chairman of SCZone, said in a statement.
SCZone said it has signed eight MOUs so far in the field of green hydrogen. It announced on May 13 that it signed six MOUs for investments worth more than $10bn for the development of green hydrogen in the Sokhna zone with global players and consortiums. This includes the likes of Danish Maersk, Norwegian Scatec, French EDF Renewables, UAE AMEA Power, Abu-dhabi’s Masdar and Hassan Allam Utilities. Subsequently, SCZone signed a MOU with H2 Industries in June.