{"id":83140,"date":"2024-03-20T00:00:00","date_gmt":"2024-03-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/03\/20\/indias-rana-group-want-to-set-up-a-green-hydrogen-project-in-egypt\/"},"modified":"2024-03-20T00:00:00","modified_gmt":"2024-03-20T00:00:00","slug":"indias-rana-group-want-to-set-up-a-green-hydrogen-project-in-egypt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/03\/20\/indias-rana-group-want-to-set-up-a-green-hydrogen-project-in-egypt\/","title":{"rendered":"India\u2019s Rana Group want to set up a green hydrogen project in Egypt"},"content":{"rendered":"

Another green hydrogen project for Egypt?<\/strong> Indian construction, engineering, and manufacturing firm Rana Group<\/a> is looking to set up a green hydrogen project in Egypt with investments totaling USD 12 bn over the life of the project, according to a statement<\/a>.<\/p>\n

But that\u2019s not all: <\/strong>Rana also wants to work with the Egyptian government to start manufacturing EVs and providing satellite services to aid the agriculture, mining, and energy sectors in Egypt as part of its plan to expand into Africa.<\/p>\n

Egypt loves green hydrogen: <\/strong>Renewable energy and especially green hydrogen targets have been central to the economic strategy for Egyptian President Abdel Fattah El Sisi\u2019s third term, which outlines plans to turn Egypt into a regional hub for green hydrogen<\/a> production by 2026 and a global hub by 2030. The country aims to produce 3.2 mn tons of green hydrogen per year by 2029 and 9.2 mn tons per year by 2040.<\/p>\n

The sector is gaining momentum: <\/strong>Last month Egypt inked seven MoUs<\/a> with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years. <\/p>\n

The ball has been rolling a while: <\/strong>Egypt inked framework agreements worth a combined USD 83 bn<\/a> during 2022\u2019s COP27 in Sharm El Sheikh with international companies to construct nine green hydrogen and ammonia facilities in the SCZone. The facilities would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.<\/p>\n

Incentives, incentives, incentives: <\/strong>Companies that implement green hydrogen projects within five years will receive tax breaks of 33-50%<\/a> on income and pay no VAT on raw materials, plant and machinery bought for the plants. <\/p>\n","protected":false},"excerpt":{"rendered":"

Rana Group wants invest up to USD 12 bn over the life of the project<\/p>\n","protected":false},"author":1,"featured_media":83141,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[269],"tags":[40,11,64,39,196],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-83140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-hydrogen","tag-egypt","tag-enterpriseclimate","tag-evs","tag-green-hydrogen","tag-mining","wpautop","entry"],"acf":{"mongo_id":"585837d7-796f-42ab-bc4a-ce444db63e13","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1747.jpg","photo_position":"above","homepage_title":"","full_issue_title":"India\u2019s Rana Group want to set up a green hydrogen project in Egypt","related_issue":[83133],"teaser":"Rana Group wants invest up to USD 12 bn over the life of the project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.51f64fd6-8a8c-4c7c-b595-8a4e98de6168.mp3"},"yoast_head":"\nIndia\u2019s Rana Group want to set up a green hydrogen project in Egypt - 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