Egypt has signed a memorandum of understanding (MoU) with an Indian company to build a green hydrogen factory in the Suez Canal Economic Zone, a cabinet statement said on Wednesday.
According to the MoU, Indian ReNew Power Private Limited will build a factory to produce 20,000 tonnes of green hydrogen a year, with investments worth $8 billion.
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Ortega’s family office Pontegadea, which had already taken a 5% stake in Enagas, will partner with Hy24, a joint venture between buyout fund Ardian and green hydrogen investor FiveT, which took a 30% stake in the renewable unit last week, while Enagas will keep 65%.
The MoU, valid for two years, was inked in New Delhi by ONGC Director Onshore Anurag Sharma and Greenko CEO and Managing Director Anil Kumar Chalamalasetty.