ReNew Power signed a memorandum of understanding (MoU) with The Sovereign Fund of Egypt (TSFE), the General Authority for Suez Canal Economic Zone (SCZONE), and Egyptian Electricity Transmission Company (EETC) for $8bn to produce green fuels in the Sokhna Industrial Zone of Egypt. SCZONE Chairman Yehia Zaki said, “The first phase will be in 2023-2025, about $710mn aims to produce 100k tons of green ammonia and 20k tons of green hydrogen. The production capacity in the second phase during 2025-2029 aims to produce 200k tons of green hydrogen and million tons of green ammonia with estimated investments of about $7.1bn. The site initially will be set on an area of 600,000 square meters in the Sokhna integrated Zone, bringing the production capacity of the two phases of green hydrogen to 220,000 tons and 1,100 million tons of green ammonia.” India-based ReNew Power has a total portfolio of 12.8 GWs of renewable energy projects.

ReNew Power’s 4.5% 2028 traded lower 0.24 points to 87.01 to yield 7.24%.

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