India energy firms see growth prospect in Africa and Mideast, including Saudi Arabia
ReNew Energy Global Plc and Engineers India Ltd. are among India companies advancing energy projects in Africa and the Middle East amid rising demand in those regions.
State-run energy consultant Engineers India expects to finalize a nearly $25 million order for a chemicals and fertilizer plant in Nigeria, and is actively reviewing opportunities in oil refining projects across Africa, Chairperson Vartika Shukla told Bloomberg Television in an interview in Bengaluru.
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ReNew Energy, among India’s largest renewable power companies, expects to complete feasibility studies on an $8 billion green hydrogen project in Egypt and to finalize a customer in 12 to 18 months.
The firm is also studying prospects to make green hydrogen and methanol in countries including Oman, Morocco, and Saudi Arabia, ReNew Chairman Sumant Sinha said in a separate Bloomberg TV interview on Tuesday.
Rising energy demand across Africa and the Middle East is opening up potential new markets, while the regions also hold opportunities to export energy to Europe as the continent curbs reliance on Russia fuels. Adani Green Energy Ltd., the clean energy arm of embattled tycoon Gautam Adani, is considering a 10 gigawatt project in Morocco that would aim to tap European markets.
Prime Minister Narendra Modi’s government is also seeking to expand India’s energy diplomacy with Africa by helping expand access to electricity, an issue that he’ll champion during this year’s G20 presidency.
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