Rana Group discusses USD 12bn green hydrogen investment in Egypt

India's Rana Group is interested in establishing a plant for the production of green hydrogen in Egypt, with the potential to invest USD 12 billion (EUR 11.06bn) over the project's lifespan.

The plan was discussed during a meeting of Yahya Elwathik Bellah Nabih, Head of the Egyptian Commercial Service (ECS) and representatives of Rana Group on Monday. The

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Rana Group operates in electric vehicle and agricultural equipment manufacturing, satellites, and sustainable energy, such as green hydrogen. The visit to Egypt aligns with Rana Group's aim to broaden its presence beyond India, especially in Africa, with a focus on investigating investment prospects in Egypt. It follows previous discussions between the Egyptian Commercial Office in New Delhi and officials from Rana Group, who have expressed interest in partnering with Egyptian firms across diverse sectors.

Rana Group is the latest company to be attracted by Egypt's potential 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 which could lead to over USD 40 billion in investments over the next ten years.