DAVOS, Switzerland, Jan 16 (Reuters) - India's ReNew, a unit of New York-listed ReNew Energy Global Plc (RNW.O) is studying opportunities to expand into green hydrogen in India, Egypt and elsewhere, its chairman and CEO said on Monday.
The firm, which now generates nearly 1.8% of India's total electricity annually, has a total capacity of 13 Gigawatts (GW) of wind and solar, including projects in the works.
ReNew is now studying green hydrogen opportunities, specifically in Egypt, having signed a framework agreement during the COP27 climate conference last year, Sumant Sinha told Reuters in Davos at the World Economic Forum.
"We have not taken any investment decisions at this point in time but we are doing development work to find if we can get to that point," Sinha said.
The plant would be located around 200 kilometres south of the capital Cairo and the green hydrogen would be shipped through the Suez canal.
"The power will get shipped from wherever it is produced through lines constructed by the Egyptian government to the Suez Canal Economic Zone and then we would convert it to ammonia if required, put it on a ship and send it out via Suez canal either to the European side or Asian side depending on where the demand is," he said.
A final investment decision on the project is due within 18 months from the signing of the agreement.
India, one of the world's biggest emitters of greenhouse gases, wants to boost its renewable energy generation to 500 GW by 2030 from a current output of about 120 GW, according to government data.
Of that, around 180 GW have already been auctioned for solar and wind power projects.
ReNew's market share of new bids is around 12%, Sinha said.