ReNew Energy Global and Engineers India are two Indian energy firms that have declared interest in looking into new green hydrogen business potential and energy projects in Africa and the Middle East, particularly Morocco.
According to Sumant Sinha, chairman of ReNew Energy, his company is “studying opportunities to create green hydrogen and methanol” in Morocco.
Morocco became a hotspot for energy-focused corporations interested in extending into Africa and the MENA area because of its burgeoning and attractive renewable energy sector.
In order to address the rising need for power and green hydrogen in Europe, Indian billionaire Gautam Adani, CEO of the Adani Group, spoke with Moroccan officials about the potential for establishing solar and wind projects.
The 10-gigawatt solar and wind projects would be the Indian company’s largest clear power development outside of the South Asian nation, according to the American magazine.
The Indian energy-focused business ReNew Energy is considering the potential for the production of hydrogen and methanol in Oman and Saudi Arabia in addition to Morocco.
The Indian company also plans to finish the feasibility studies for an Egypt project to produce green hydrogen worth $8 billion (MAD 81 billion).
Additionally, Engineers India is about to complete an order of nearly $25 million (MAD 255 million) for a fertilizer and chemical facility in Nigeria.
According to Engineers India Chairperson Vartika Shukla, the company is also thinking of participating in oil refining projects all throughout the continent of Africa.
According to a report from the European Conservatives, Europe is looking to Africa as a future “source of cheap and sustainable energy” due to the continent’s significant green hydrogen capability.
As the “nearest” and “cheapest” source of green energy, the report stated that Europe is planning significant investments in solar energy and green hydrogen in Egypt, Southern Africa, and Morocco.