The India-based company ReNew Power and the General Authority for Suez Canal Economic Zone (SCZONE) have unveiled plans for an 8 billion dollar hydrogen production project. Finalized with the signing of a Memorandum of Understanding (MoU), this project will be located at the Sokhna integrated Zone of the Suez Canal, Egypt and will be implemented in two phases. The first phase of the project is scheduled to be between 2023 and 2025, which will have an investment of $710 million and could see a production of 20,000 tonnes of green hydrogen and 100,000 tonnes of green ammonia whereas in its second phase, scheduled to start from 2025 and go on till 2029, a further investment of $7.15 billion and production capacity of 220,000 tonnes of green hydrogen per year is anticipated. The Indian company has chosen to partner with SCZONE because around 12% of the global trade passes through the Suez Canal, which is the shortest maritime route that connects Asia to Europe. Not only will this give tremendous opportunity to India to extend its reach to markets in Europe but also, it will provide India with major economic prospects in Africa and will contribute towards India’s vision to become a leader in the green hydrogen game.
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