India and Egypt signal MoU to set up a green hydrogen plant with investments of 8 billion
Egypt and an Indian business enterprise have signed a memorandum of information (MoU) to assemble a inexperienced hydrogen factory in the Suez Canal financial quarter, in step with a cabinet statement. The MoU states that Indian ReNew energy personal limited (RENE.BO) will make investments $eight billion to construct a facility so that it will create 20,000 tonnes of inexperienced hydrogen yearly.
according to the Chairman of the renewable power enterprise, ReNew energy and the Egyptian government signed a preliminary deal to invest as much as $8 billion to create inexperienced hydrogen there.
ReNew is one in every of numerous Indian agencies exploring the capacity of green hydrogen, that is notion to be critical for decarbonizing hard-to-lessen heavy industries.
In the imminent years, ReNew plans to generate 2,20,000 tonnes of the smooth fuel every year in Egypt with backing from investors along with the Goldman Sachs organization and the Abu Dhabi investment Authority.
To guide high Minister Narendra Modi‘s purpose of creating India a global leader in this area, public sector majors and conglomerates managed by Gautam Adani and Mukesh Ambani have committed massive investments inside the inexperienced hydrogen cost chain.