ReNew, a subsidiary of ReNew Energy Global, eyes international green hydrogen projects, with Egypt among potential markets.
Diversifying Globally for Green Hydrogen Development
ReNew, backed by investors like Canada Pension Plan Investment Board and Abu Dhabi Investment Authority, is considering green hydrogen projects in countries like Egypt. The move is part of the company’s strategy to diversify operations globally, recognizing hydrogen as a future globally traded commodity.
Strategic Expansion in the Middle East, North Africa, and Australia
CEO Sumant Sinha emphasized the importance of securing projects in regions with abundant natural resources and proximity to markets. ReNew is actively seeking opportunities in the Middle East, North Africa, India, and Australia. This aligns with the company’s commitment to contributing to the global transition to low-carbon economies.
India’s National Green Hydrogen Mission and ReNew’s Role
India’s ambitious National Green Hydrogen Mission aims to produce five million tonnes of hydrogen annually by 2030, with potential export growth to 10 million tonnes. ReNew, contributing 1.8% to India’s annual electricity production, plans to play a pivotal role in achieving these targets.
As a leading player with 13 gigawatts in wind and solar power capacity, ReNew faced challenges in solar project development due to supply chain bottlenecks and lockdowns in China. However, the company has addressed raw material shortages and remains committed to financing renewable energy projects through debt and equity markets.
CEO Sinha highlighted the concentration risks in the solar supply chain, emphasizing the need for a diversified approach. While considering divestment of assets, ReNew remains focused on capital-raising through bonds and maintaining a robust financial strategy.
India’s goal of achieving 500 gigawatts of renewable energy capacity by 2030 aligns with ReNew’s commitment to reducing dependence on fossil fuels, marking a significant contribution to the global push for sustainable and clean energy.
Source: thenationalnews.com
