Egypt and India sign MoU to build a green hydrogen factory worth $8 bln

Daily Current Affairs / Egypt and India sign MoU to build a green hydrogen factory worth $8 bln

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Category : Miscellaneous Published on: August 01 2022

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According to a cabinet announcement, Egypt and an Indian company have signed a memorandum of understanding (MoU) to build a green hydrogen factory in the Suez Canal Economic Zone.
The MoU states that Indian ReNew Power Private Limited will invest $8 billion to construct a facility that will create 20,000 tonnes of green hydrogen annually.
ReNew Power and the Egyptian government signed a preliminary deal to invest up to $8 billion to create green hydrogen.