Cairo – Mubasher: The Egyptian Prime Minister, Mostafa Madbouly, witnessed the signing of a memorandum of understanding (MoU) to begin initial studies to build a new green hydrogen production plant with investments worth $8 billion.
The plant will be built in the Economic Zone of Suez Canal with a capacity of up to 220,000 tonnes per year, according to an official statement.
The project will be implemented over several stages. During the trial stage, the plant will produce 20,000 tonnes of green hydrogen per year, whilst in the next stage (Stage One), the plant’s production of green hydrogen will be increased to 200,000 tonnes per year.
The deal was signed between several government entities, namely the Authority for the Development and Use of New and Renewable Energy, the General Authority for Suez Canal Economic Zone, the Egyptian Electricity Transmission Co (EETC), and the Sovereign Fund of Egypt, representing the first party, and ReNew Power Private Limited, representing the second party.
It is noteworthy to mention that ReNew Power Private is one of India’s leading renewable energy companies.
