The $8bn green hydrogen production project has been outlined in a signed memorandum of understanding (MoU) between the SCZONE, and the Indian renewables company, ReNew Power.
Under the MoU, revealed on Wednesday (July 28), SCZONE and ReNew plan to establish an industrial complex aimed at producing 220,000 tonnes of green hydrogen and one million tonnes of green ammonia, in the Sokhna integrated Zone of the Suez Canal, Egypt.
The companies have said, in the project’s first phase, between 2023 and 2025, an investment of $710m could see production of 100,000 tonnes of green ammonia and 20,000 tonnes of green hydrogen.
In its second phase, during 2025-2029, the project anticipates a further $7.147bn of investment, seeing production capacity hit 220,000 tonnes of green hydrogen per year.
Yehia Zaki, Chairman of the Suez Canal Economic Zone, said, “The growing interest of major companies and global consortium in partnership with SCZONE reflects our insightful vision in adopting green fuel as a target sector within our strategy for 2020-2025 for export purposes or bunkering services.
“SCZONE is qualified to localise this industry and is developing its ports to supply ships with green fuel as soon as possible.”
A joint report by Siemens Energy and Roland Berger, released today (July 28) highlighted the Middle East and Africa (MEA) region’s potential as a green hydrogen exporter. The report read, “Exporting green hydrogen to the European demand centre presents a major economic prospect and the opportunity to gain geo-political significance in the global decarbonisation effort.
“Speed is key to establish and reinforce long-term supply chains. Hence, speeding up the development of renewable energy will be a priority for all countries wishing to enter the green hydrogen game.”
Read more: Report highlights MEA region’s potential as green hydrogen exporter
H2 View’s Hydrogen in India – Snap Summit
With the launch of its national hydrogen strategy in recent weeks and growing interest in India’s bold ambitions to de-leverage from traditional fossil fuel-based energy, H2 View stages a Snap Summit to address the country’s path forward in hydrogen.
India plans to manufacture five million tonnes of green hydrogen per annum by 2030 and not just meet its own climate objectives but become a production and export hub for the clean fuel.
Some sources question a lack of detail over the wider ecosystem while others still point to the country’s reliance on coal power. Yet, the world’s third-largest energy consuming country is already embracing renewable energy, its solar power sector is moving forward, and data suggests coal’s hold over India’s power sector is steadily loosening. The grid is already evolving.
The question is, how can a renewable energy powerhouse fast-track to true sustainability with green hydrogen? Join H2 View and a programme of global hydrogen leaders to unlock answers and insights for the short, medium, and long-term future in India.
Want to learn more? Click here.