In line with the company’s strategy to expand globally while diversifying its renewable energy portfolio, Indian-based independent power producer ReNew Power has announced plans to develop green hydrogen projects in Egypt and Morocco.
ReNew Power’s green hydrogen joint venture with Indian fuel retailer IndianOil and engineering firm Larsen & Toubro will help drive the company’s strategy to enter the Moroccan and Egyptian markets.
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For ReNew Power, Morocco and Egypt represent the ideal markets for the company to enter, with the two countries having recently launched various policy frameworks as well as a series of large-scale green hydrogen projects aimed at expanding generation capacity to enhance energy security, decarbonization and resource monetization.
Egypt, for example, which currently ranks as one of the top three green hydrogen pipelines globally, has up to 11.62 GW of green hydrogen projects in the pipeline, with the country currently in the process of launching a $40-billion national hydrogen plan by the end of 2022, according to research firm Rystad Energy.
Meanwhile, Morocco – ranked among the top five countries in the world with the potential to produce competitive green hydrogen by the International Renewable Energy Agency -, through the National Hydrogen Commission, is targeting green hydrogen market expansion with the deployment of over 2 GW of additional renewable energy capacity to meet the anticipated four TW hour of green hydrogen and ammonia demand in the north African country by 2030.
Both Egypt and Morocco are also part of the Africa Green Hydrogen Alliance – an initiative established in May 2022 to address green hydrogen market barriers through knowledge sharing regarding issues including financing, regulation, capacity building and certification with the aim to position the continent as a global green hydrogen hub.
With ReNew Power and its joint venture partners targeting the supply of green hydrogen at industrial scale, Morocco and Egypt will be catalysts in the company’s pursuit of strong market standing.