Egyptian energy and infrastructure company Elsewedy Electric has entered into a partnership with ReNew Power, the Indian subsidiary of renewable energy company ReNew Energy Global (ReNew) to develop a green hydrogen project in Egypt.
The partners signed a Framework Agreement with the Sovereign Fund of Egypt (TSFE) Infrastructure & Utilities Sub Fund, New and Renewable Energy Authority (NREA), Egyptian Electricity Transmission Company (EETC), and General Authority for Suez Canal Economic Zone (SCZONE) to develop, finance, construct, operate and maintain a green hydrogen project, Elsewedy Electric said in a press statement on Tuesday.
The agreement was signed on the sidelines of COP 27 in Sharm El-Sheikh, Egypt.
The project would be developed in phases to produce 220,000 tonnes of green hydrogen annually, the statement said.
A pilot electrolysis plant will produce 20,000 tonnes green hydrogen annually in the initial phase, which is expected to be commissioned in 2026.
Based on the Framework Agreement, the partners will carry out project and site studies and make the Final Investment Decision (FID) over the next 12 – 16 months, the statement said.
Usufruct agreements for the project are also expected to be discussed for allocation of land for developing the green hydrogen project and related renewable energy resources.
In August, Zawya Projects had reported that ReNew Power had signed a tripartite memorandum of understanding with SCZONE, TSFE, EETC to establish a $8 billion green fuels project in Egypt’s Sokhna Industrial Zone.
(Writing by Eman Hamed; Editing by Anoop Menon)