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Indian energy transmission and cable manufacturing firm Sterlite Power is mulling a USD 5-6 bn investment in Egypt’s electricity grid to support green hydrogen projects, according to a statement issued on Tuesday. The announcement was made during Egypt’s Investment Minister Hassan El Khatib visit to India where he also met with representatives from renewable energy firm ReNew Power to discuss potential cooperation in renewables and follow up on plans to build an USD 8 bn green hydrogen plant in the Suez Canal Economic Zone.
Several Indian players are interested in Egypt’s green hydrogen push, including Rana Group, which in November was said to be looking to set up a USD 12 bn green hydrogen project. Ocior Energy is also setting up a USD 4.3 bn green ammonia plant under an agreement inked last year, with the first phase expected to begin operating in 1Q 2027, El Khatib said.
El Khatib also discussed potential investments with Tata Chemicals, particularly in the chemical manufacturing and renewable energy sectors.
THE BIGGER PICTURE- Egypt and India want to nearly triple trade volumes to USD 12 bn over the next five years from USD 4.2 bn in 2024, according to a statement published on Tuesday.
IN OTHER INVESTMENT NEWS-
China’s SBH Kibing Solar New Energy is looking to set up an export-bound USD 700 mn solar panel glass manufacturing facility in Egypt’s Suez Canal Economic Zone, according to a statement. The plant would be built over two phases and is expected to annually produce 1.5 mn tons of solar panel glass and 1.1 mn tons of high-purity silica sand — a component used in the production of solar glass. The majority of output will be exported.
On the fast track: Prime Minister Moustafa Madbouly voiced his support for the expedited construction of the project, directing the relevant authorities to provide the needed utilities and supplies for the project to go live “as soon as possible.” The company is currently working to secure the necessary approvals for the project.
Localizing the production of solar power components is a top priority for Egypt, with the government naming solar cells in October as among 12 products that it wants to begin manufacturing locally.
Not China’s first Egyptian solar glass project: In December 2024, China’s Elite Solar brokeground on its USD 150 mn, 2 GW solar panel factory at Ain Sokhna’s TEDA zone. China Glass also broke ground on its USD 300 mn plant that will produce flat and PV glass during the same month.
