ReNew India is a subsidiary of New York listed company ReNew Energy Global, and its CEO has stated that the company is exploring green hydrogen projects in markets such as Egypt as part of its international business diversification. The company is funded by investors, including the Canada Pension Plan Investment Board and the Abu Dhabi Investment Authority, and still plans to develop most of its green hydrogen projects in India, the world's fifth largest economy, Sumant Sinha told The National during the COP28 Climate Summit.

Sinha stated that we also hope to develop some projects outside of India, as hydrogen will be a more global trading business compared to renewable energy, making it important for us. Anyone looking around knows that you must enter a country with abundant natural resources, less expensive land, and closer to the market.

The executive stated that, consistent with this, the company is seeking projects in the Middle East, North Africa, India, and Australia. As the economy and industry transition towards a low-carbon world, hydrogen is expected to become a key fuel. It comes in various forms, including blue, green, and gray. Blue and gray hydrogen are produced from natural gas. Green hydrogen production involves the process of using electricity in an electrolytic cell to separate water molecules into hydrogen and oxygen.

As part of India's national green hydrogen mission, the country's goal is to produce 5 million tons of fuel annually by 2030, with the possibility of reaching 10 million tons as the export market grows.

In 2022, due to supply chain bottlenecks and strict lockdowns by China, the world's largest solar module manufacturer, the development of global solar projects has stagnated. ReNew is facing a shortage of a key raw material called polysilicon used in solar panels.

Sinha stated that the production capacity of polycrystalline silicon has significantly increased, and the decrease in solar module prices has exceeded our expectations. However, the problem is not about interruptions. The real problem lies in the concentration of the solar energy supply chain, assuming that if certain events occur, such as another global pandemic or geopolitical event, 90% of the world's solar modules depend on one country.

Sinha stated that the company is considering divesting its assets to raise funds and will continue to use debt and stock markets to fund renewable energy projects and new business areas.

In April 2023, Diamond II Limited, a subsidiary of ReNew Energy, raised $400 million through the issuance of senior guaranteed green bonds.Editor/XingWentao