Indian firms express 'huge interest' in investing in Egypt clean energy & infrastructure projects: Spokesperson

Ahram Online , Friday 27 Jan 2023

Leading Indian companies, including ReNew Power and the Adani Group, have expressed to President Abdel-Fattah El-Sisi "huge interest" in investing in Egypt’s renewable energy sector, the production of green hydrogen and infrastructure development.

Sumant Sinha, the founder, chairman and CEO of ReNew Power, India’s leading renewable energy company, in a meeting with President El-Sisi. Egyptian Presidency


According to a statement by the Egyptian Presidential Spokesman Bassam Rady, Sumant Sinha, the founder, chairman and CEO of ReNew Power, India’s leading renewable energy company, voiced in a meeting with President El-Sisi during his three-day visit to New Delhi his company’s "huge interest" to cooperate with Egypt in the area of clean energy and the production of green hydrogen.

Sinha also praised the “leading” Egyptian role in international climate action as demonstrated in the hosting of the 27th UN Climate Change Conference (COP27) in the Red Sea city of Sharm El-Sheikh in November.

El-Sisi confirmed to Stinha Egypt’s interest in collaborating with the Indian side, given its broad expertise in the field of new and renewable energy, 

The Egyptian government is providing unprecedented support to the green energy sector as a top priority, said the president, in order to capitalise on the country’s renewable energy resources including wind and sun.

The ReNew Power chairman 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."

Egypt launched its national strategy for green hydrogen production during COP27 with a vision to produce green hydrogen at the cheapest price worldwide.

The country has signed numerous memoranda of understanding on hydrogen and green ammonia production with international partners over the past year as part of its efforts to attract foreign investments into the sector in order to become a transit route for clean energy to Europe.

The meeting also focused on cooperation with the Indian global energy company in additional projects in Egypt for the production of electricity from new and renewable sources of energy, as part of the national strategy for the generation of clean energy.

President El-Sisi also met with 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.

Adani expressed his interest in stepping up investment in and cooperation with Egypt, expressing his interest in forging partnerships between his group and the Sovereign Fund of Egypt, the country's investment arm, given the fund's diverse activities and resilience.

El-Sisi welcomed the Adani Group's interest in investing in Egypt, Rady pointed out.

El-Sisi also stressed his readiness to provide all necessary support for the group's future projects in Egypt, in particular in cooperation with the Sovereign Fund of Egypt, in the field of ports development on the coasts of the Mediterranean, the Red Sea and the Gulf of Suez.

The meeting discussed investment prospects for the Adani Group in other aspects of Egypt’s infrastructure, including airports, the new and renewable energy complexes and their transmission and distribution networks.

It also covered other areas like the data centres and their marine and ground cable networks, as well as industrial zones for the production of green hydrogen and its derivatives added the statement.

Both meetings were attended by Minister of Electricity and Renewable Energy Mohamed Shaker and Minister of Planning and Economic Development Hala El-Said.

Shortly after meeting President El-Sisi, the Adani group chairman tweeted that he is looking forward to engage with Egypt in its ambitious development plans:

Around 50 Indian companies are operating in Egypt currently, providing direct employment to approximately 38,000 Egyptians.

Indian companies invest over $3.2 billion across the chemical, energy, automobile, retail, apparel and agriculture sectors, among others.

Egypt has promised to offer incentives and facilities for Indian investment, as per a joint statement released on Thursday, where both countries agreed to elevate their bilateral relations to a strategic partnership on all levels.

This includes a possible allocation of a special area of land for Indian industries in the Suez Canal Economic Zone (SCEZ), the statement added.

India, for its part, said it would encourage Indian companies to make use of the available investment opportunities in Egypt.

Earlier on Thursday, the Egyptian president attended the public celebrations of India's 74th Republic Day as chief guest of honour.

Indian Prime Minister Narendra Modi described El-Sisi's visit as "historic" and a "matter of immense happiness" to the Indian people.

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