India’s ReNew Power has signed a tripartite memorandum of understanding with the General Authority for Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt (TSFE) and Egyptian Electricity Transmission Company (EETC) to establish a $8 billion green fuels project in Egypt’s Sokhna Industrial Zone.

In a press statement posted on its website on 27 July, SCZONE said the project would be developed in two phases over on an area of ​​600,000 square metres in Sokhna Integrated Zone and produce 220,000 tonnes of green hydrogen and 1.1 million tonnes of green ammonia.

The $710 million first phase will be operationalised in 2023-2025 and produce 100,000 tonnes of green ammonia and 20,000 tonnes of green hydrogen. The $7.2 billion second phase, which is expected to become operational during 2025-2029, will produce a million tonnes of green ammonia and 200,000 tonnes of green hydrogen.

SCZONE is targeting green fuels within its 2020-2025 strategy for export purposes and bunkering services, the statement noted

SCZONE has signed eight green fuel MOUs with Denmark’s Maersk; Norway’s Scatec; France’s EDF Renewables; US-based H2-Industries; UAE’s Masdar and AMEA Power; Australia's Fortescue Future Industries, and Belgium's DEME Group.

ReNew is one of the largest renewable energy Independent Power Producers in India with gross total portfolio of approximately 12.8 gigawatts of renewable energy projects, including commissioned and committed projects.

(Writing by Eman Hamed; Editing by Anoop Menon)