India's ReNew eyes green hydrogen projects in Africa - report

Source: ARENA (arena.gov.au)

Indian renewables company ReNew Power (NASDAQ:RNW) is planning to develop green hydrogen projects in Egypt and Morocco and has also set eyes on Oman, Mint reported on Tuesday, citing unnamed sources.

Those initiatives will mark the Indian firm’s entry into the African market. According to the insiders, they will be undertaken amid the company’s plans to diversify its renewable energy business through projects in the green hydrogen and energy storage segments.

The report comes on the heels of Renew’s announcement in April to form a joint venture to co-develop green hydrogen projects in India with oil and gas explorer Indian Oil Corp (BOM:530965) and engineering conglomerate Larsen & Toubro (NSE:LT). The partners aim to start supplying green hydrogen at an industrial scale.

In June, ReNew Power unveiled new wind and solar acquisition deals and then said its total gross portfolio in India has expanded to around 12.8 GW, including commissioned and committed projects.

Choose your newsletter by Renewables Now. Join for free!