Leading Indian firms have expressed an interest in investing clean energy and infrastructure projects in Egypt. This has been revealed by the firms to Egyptian President Abdel-Fattah El-Sisi. These Indian firms, which include the likes of Renew Power and Adani Group, are eyeing the renewable energy sector, the production of green hydrogen and infrastructure development in Egypt.
As per a statement of the Spokesman for Egypt’s President, Bassam Rady, Sumant Sinha, who is the Founder, Chairman and CEO of ReNew Power, India’s leading renewable energy firm, has revealed in a meeting with the President, his “huge interest” in extending cooperation with Egypt with respect to clean energy and green hydrogen production. He also applauded the “leading” Egyptian role in the 27th UN Climate Change Conference (COP27) held at Sharm El-Sheikh in November. The Egyptian President, on his part, reciprocated by sharing his interest in collaborating with India, given its expertise in new and renewable energy.
ReNew Power Chairman, Sumant Sinha, said, “Egypt’s richness in renewable sources of energy of wind and sun qualifies it to become one of the world’s largest producers of renewable energy, boosting promising investment opportunities in this field.”
The meeting between Sumant Sinha and Egypt’s President brought to the table discussions over cooperation between ReNew Power in additional projects in Egypt that will look at producing electricity from new and renewable sources of energy.
President El-Sisi also met Gautam Adani, Chairman of Adani Group of India, a leading integrated business conglomerate, which owns a network of companies operating in various sectors, particularly infrastructure.
During his visit to New Delhi, President El-Sisi also interacted with Adani, who expressed an interest in augmenting investment in and cooperating with Egypt, while also creating partnerships between his group and the Sovereign Fund of Egypt. The two leaders exchanged ideas over prospects of investment for the Indian firm in Egypt’s the new and renewable energy complexes in addition to their transmission and distribution networks along with several other sectors. The meeting also explored possibilities in setting up industrial zones for the production of green hydrogen along with its derivatives.