India’s ReNew exploring green hydrogen projects in Egypt

India's ReNew, a subsidiary of New York-listed ReNew Energy Global, is exploring green hydrogen projects in markets such as Egypt as part of diversifying its operations internationally, according to its chief executive.

The company, which has been funded by investors including the Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority (Adia), still plans to develop most of its green hydrogen projects in India, the world’s fifth-largest economy, Sumant Sinha told The National on the sidelines of the Cop28 climate summit.

“We also want to do some project development outside India because it's important for us to have some diversification because hydrogen is going to be a more globally traded business, unlike renewable energy,” Mr Sinha said.

“Anybody who's looking around knows that you have to get into countries where there's good natural resource, where land is not that expensive, and which are [closer] to markets."

In line with that, the company is seeking projects in the Middle East, North Africa, India and Australia, the executive said.