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Egypt signs $8 billion agreement with India for Suez Canal Economic Zone

Egypt and an Indian company have signed a memorandum of understanding (MoU) to construct a green hydrogen factory in the Suez Canal Economic Zone, according to a cabinet announcement. The MoU states that Indian ReNew Power Private Limited (RENE.BO) will invest $8 billion to construct a facility that will create 20,000 tonnes of green hydrogen annually.

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KEY POINTS:

  • According to the Chairman of the renewable energy company, ReNew Power and the Egyptian government signed a preliminary deal to invest up to $8 billion to create green hydrogen there.
  • ReNew is one of numerous Indian businesses exploring the potential of green hydrogen, which is thought to be essential for decarbonizing difficult-to-reduce heavy industries.
  • In the upcoming years, ReNew plans to generate 2,20,000 tonnes of the clean fuel yearly in Egypt with backing from investors including the Goldman Sachs Group and the Abu Dhabi Investment Authority.
  • To support Prime Minister Narendra Modi‘s goal of making India a global leader in this field, public sector majors and conglomerates controlled by Gautam Adani and Mukesh Ambani have committed significant investments in the green hydrogen value chain.

Important Takeaways For All Competitive Exams:

  • Chairman of ReNew Power Private Limited: Sumant Sinha

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