ReNew has announced a slew of initiatives to diversify its renewable energy business, including green hydrogen and energy storage
NEW DELHI : NASDAQ-listed ReNew Power Ltd is looking to foray into Africa by developing green hydrogen projects in Egypt and Morocco, said two people in the know. It also has plans for Oman.
ReNew has announced a slew of initiatives to diversify its renewable energy business, including green hydrogen and energy storage.
In April, it entered a joint venture agreement with state-run Indian Oil Corp. Ltd and engineering and construction major Larsen & Toubro to produce green hydrogen in India.
In June, Sumant Sinha, ReNew Power’s chairman and MD, said it has been talking with its JV partners to firm up the plan. “I don’t want to give a timeline but certainly work is going on. We are bringing great expertise into this joint venture to make it a pre-eminent green hydrogen project.”
Morocco, Oman and Egypt have taken several measures for decarbonization, including green hydrogen projects.
Egypt’s pipeline for green hydrogen projects is at over 11 gigawatts, or over 1.57 million tonnes of green hydrogen. The government of Egypt plans to release a $40-billion hydrogen plan soon.
Similarly, in 2019 Morocco set up the National Hydrogen Commission to achieve carbon neutrality. Subsequently, in 2021 it prepared a roadmap on green hydrogen, according to which, it expects the national demand for the resource and its derivatives to reach 4 tera-watt hour by 2030. To achieve this target it needs 2GW in renewable energy sources — half of the kingdom’s installed capacity. Export demand over the same period is estimated at 10TWh, mobilizing investments of $10 billion by 2030 and $75 billion by 2050.
Oman is also planning to become a production hub for green hydrogen. In March, another homegrown renewable energy firm, the ACME Group had signed an agreement with Norwegian company Scatec to establish a 50:50 joint venture to design, develop, build, own and operate a large-scale green hydrogen facility in Oman.
In response to Mint’s query, a ReNew Power spokesperson said: “We have no comment.”
Source: livemint
