In a statement, ReNew said the $8b project which is targeted to produce 220,000 tonnes of green hydrogen will be implemented in phases.
The pilot phase is expected to start operations in 2026 and produce 20,000 tonnes of green hydrogen yearly along with derivatives. The next phase will produce 200,000 tonnes of green hydrogen annually.
Under the agreement, ReNew will lead the project and site studies and is expected to make the Final Investment Decision in the next 12 to 16 months. Usufruct Agreements for the project are also seen to be discussed.
ReNew tapped Elsewedy Electric S.A.E as co-developer for the project.