As part of a green hydrogen initiative, Elsewedy Electric and Renew power have signed a framework agreement with the Egyptian government

The Egyptian Electricity Transmission Company ("EETC"), the New and Renewable Energy Authority ("NREA"), the General Authority for the Suez Canal Economic Zone ("SC Zone"), and The Sovereign Fund of Egypt ("TSFE") have all agreed to the terms of a Framework Agreement. Egypt's National Green Hydrogen Strategy, released during COP27, is in accordance with the goals of the Project.

At a signing ceremony attended by Egypt's Ministers of Electricity and Renewable Energy, Planning and Economic Development, International Cooperation, Petroleum and Mineral Resources, and CEO of The Sovereign Fund of Egypt Ayman Mohamed Soliman and Corporate Investment Director of ELSEWEDY ELECTRIC Omar Foda. The co-developers have stated that their partnership will include the following activities: planning, financing, building, operating, and maintaining a green hydrogen facility with the ultimate goal of producing 220,000 tonnes of green hydrogen yearly.

It is anticipated that initially a pilot electrolysis plant will generate 20,000 tonnes of green hydrogen annually. However, in the next stage, the plant's output might increase by as much as 200,000 tonnes per year, bringing the total to 220,000 tonnes of green hydrogen.

The "Partners" will conduct additional project and site assessments based on the Framework Agreement and are anticipated to make the Final Investment Decision (FID) within the following 12–16 months. Because of this, the project's pilot phase is scheduled to begin operations in 2026. At the same time, usufruct agreements for the Project's land on which the Green Hydrogen project and the renewable energy resources required to power the Project will be developed are planned to be considered.

In his remarks at the signing ceremony, Eng. Ahmed El Sewedy, President and CEO of ELSEWEDY ELECTRIC, emphasised the role that Green Hydrogen plays in achieving carbon neutrality. As a result, we will be investing more in the industry. Elsewedy Electric's approach centres on offering sustainable integrated solutions for the improvement of communities, and our partnership with one of the world's leading renewable energy firms allows us to have an influence in a wider range of areas. To help get to Net Zero, we're also interested in seeing the Egyptian industries that feed Green Hydrogen become more locally based. This is part of Elsewedy Electric's larger plan to reduce its environmental impact over time, which includes supporting international efforts to combat climate change and capitalising on Egypt's National Climate Change Strategy 2050.

At the signing, ReNew Chairman and CEO Sumant Sinha remarked, "We are happy to go forward in our relationship with Egypt as it displays world leadership in taking on the existential challenge of climate change. Decarbonizing important, difficult-to-abate sectors around the world relies heavily on green hydrogen. Together with stakeholders like the Government of Egypt, this Framework Agreement demonstrates ReNew Power's commitment to establishing itself as an industry leader and a trailblazer in the fight against climate change around the world. It is crucial for the global economy that the Middle East and Africa experience green growth, and ReNew Power is prepared to be a partner for this growth.