Arab Finance: Elsewedy Electric (SWDY) and ReNew Power Private, a subsidiary of India’s ReNew Energy Global Pie, signed a framework agreement with the Egyptian government to develop, finance, construct, operate, and maintain a green hydrogen project with its related ancillary facilities, according to a press release issued on November 15th.

The governmental parties in the deal include The Sovereign Fund of Egypt (TSFE), the Infrastructure and Utilities Sub Fund, the New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company (EETC), and the General Authority for Suez Canal Economic Zone (SCZone).

The new hydrogen facility is expected to produce 220,000 tons of green hydrogen annually.

The pilot phase of the project is anticipated to be commissioned in 2026.

Parties of the agreement are set to discuss its usufruct agreements, along with the allocation of lands to partners to develop the green hydrogen project and the renewable energy sources required for its energy needs.

"Green Hydrogen is the catalyst for Carbon Neutrality. Therefore, we are committed to inject more investment in this Industry […] This comes as part of Elsewedy Electric's long-term sustainability strategy, leveraging Egypt's National Climate Change Strategy 2050 and supporting the global efforts to address Climate Change,” President and CEO of Elsewedy Electric Ahmed El Sewedy commented.

“Green Hydrogen is critical for decarbonizing major hard-to-abate industries globally. This Framework Agreement shows that ReNew Power, with partners such as the government of Egypt, intends to take a pioneering and leadership role in this emerging sector- in global efforts to combat climate change,” Chairman and CEO of Re New Sumant Sinha said.

Elsewedy Electric is a leading integrated energy solutions provider in Africa and the Middle East, with a portfolio covering all traditional and renewable energy areas along with related services.