- ReNew Power plans to diversify its energy portfolio through investing in Africa.
Indian-based independent power producer ReNew Power has disclosed plans to deploy green hydrogen projects in Egypt and Morocco. This is in line with the company’s global expansion strategy while diversifying its renewable energy portfolio,
ReNew Power’s green hydrogen joint venture with Indian fuel retailer IndianOil and engineering firm Larsen & Toubro will enhance the company’s strategy to enter the Moroccan and Egyptian markets.
Morocco and Egypt represent the ideal markets for the company to enter, given that both countries recently launched various policy frameworks and a series of large-scale green hydrogen projects to expand generation capacity to enhance energy security, decarbonization and resource monetization.