Nasdaq-listed firm aims to diversify its renewable energy business

Indian renewables company ReNew Power is planning to develop green hydrogen projects in Egypt and Morocco, news website Mint reported on Tuesday, citing unnamed sources. The company also has plans for Oman.

The initiatives are part of the company's plans to diversify its renewable energy business through projects in the green hydrogen and energy storage sectors.

In April, the Nasdaq-listed Renew announced plans to form a joint venture to develop green hydrogen projects in India with oil and gas explorer Indian Oil Corp. and engineering and construction giant Larsen & Toubro.

Egypt, which will host the UN climate change conference COP27 this year, has developed a hydrogen strategy as part of the government’s ambitious energy transition plans. It aims to have renewables make up 42% of the country’s electricity mix by 2035.

Morocco, already a big producer of solar energy, is also investing in net zero solutions such as green hydrogen.

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