ECS in New Delhi Helps Suez Canal Economic Zone Secure $8 Billion Agreement with ReNew Power for Green Hydrogen Plant"

Newspaper Title: Egyptian Commercial Service

Newspaper Number:

Sunday - 25 June 2023

The successful efforts of the Egyptian Commercial Service (ECS) in New Delhi to support the economic zone of the Suez Canal in reaching an agreement with ReNew Power, an Indian company specializing in renewable energy, to establish a green hydrogen production plant with investments of $8 billion.

The Egyptian Commercial Service (ECS) in New Delhi arranged a trip for the delegation of the economic zone, led by Mr. Walid Gamal El-Din, the Chairman of the Authority, to the headquarters of ReNew Power. During the visit, a framework agreement was signed to establish a green hydrogen production plant in the Sokhna area. The plant will have a capacity of 20,000 tons per year and can be expanded up to 220,000 tons per year, with an investment of around $8 billion. The meeting discussed the latest developments in implementing the project and the requirements of the next phases of work between the two sides, which are scheduled to begin next year. The visit also included inspecting some data centers and operations within the company to follow up on the progress of some of the existing energy projects

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According to the head of the Egyptian Commercial Service (ECS), Mr. Yahya Al-Watheq Billah, the agreement signed between the economic zone of the Suez Canal and ReNew Power to build a green hydrogen production plant with investments of up to $8 billion is the result of a year-long effort by the New Delhi office. This effort involved intensive communication and meetings with the company's officials. Mr. Billah sees this agreement as the successful outcome of the office's persistent efforts. He also mentioned that the office's efforts resulted in reaching a framework agreement with the company on the sidelines of the COP-27 Climate Summit held in Sharm El-Sheikh in November last year.

The head of the Egyptian Commercial Service (ECS) mentioned that their efforts align with the directives of Mr. Ahmed Samir, the Minister of Trade and Industry, to strengthen the endeavors of the Egyptian Commercial Service (ECS) in promoting and drawing international investments in crucial priority sectors. This includes expanding renewable energy projects with the goal of diversifying energy sources, such as green hydrogen. These efforts are part of the national project to turn Egypt into a regional hub.

Source : ECS

Translated by Rehab Taha

Cairo Chamber of Commerce