India's Rana Group is exploring the establishment of a green hydrogen production plant in Egypt, with a potential investment of USD 12 billion (EUR 11.06bn) over the project's lifespan.
The plan was discussed during a meeting between Yahya Elwathik Bellah Nabih, Head of the Egyptian Commercial Service (ECS), and representatives of Rana Group on Monday.
Rana Group, which is active in electric vehicle and agricultural equipment manufacturing, satellites, and sustainable energy like green hydrogen, is looking to expand its presence beyond India, particularly in Africa.
The company is focusing on exploring investment opportunities in Egypt, following prior discussions between the Egyptian Commercial Office in New Delhi and officials from Rana Group, who have shown interest in partnering with Egyptian firms across various sectors.
The interest from Rana Group comes amid Egypt's growing appeal for green hydrogen production. In February, the Egyptian government signed seven cooperation agreements with developers for green hydrogen and renewable energy projects in the Suez Canal Economic Zone. These agreements have the potential to attract over USD 40 billion in investments over the next decade.
