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Indian Firm to Invest Up to $8 Billion in Egypt Hydrogen Project

  • ReNew signs preliminary agreement to produce green hydrogen
  • Firm to produce 220,000 tons of the fuel annually in Egypt

India’s ReNew Power Pvt Ltd. signed a preliminary agreement with the Egyptian government to invest as much as $8 billion to produce green hydrogen in the African country, according to the chairman of the renewable energy firm.

ReNew, backed by investors including Goldman Sachs Group Inc. and Abu Dhabi Investment Authority, will be looking to produce 220,000 tons of the clean fuel annually in Egypt in the coming years, Chairman Sumant Sinha said in a text message. The Indian company plans to build the project in the Suez Canal Economic Zone, the Egyptian embassy in New Delhi said in a Facebook post.