Australia’s Fortescue Future Industries (FFI) proposes to construct a green hydrogen and ammonia production complex in Egypt powered by 9.2GW of wind and solar capacity, as Egypt gets set to host the 2022 United Nations Climate Change Conference (COP27) later this year.

Egyptian President Abdel Fattah El-Sisi met with FFI Chairman Andrew Forrest over the weekend to discuss the development of green energy projects in the region, a statement from the company said.

Localisation of electricity production from solar and wind resources such as solar panels and wind turbines was also discussed.

The move follows an MoU signed last month between FFI, New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and The Sovereign Fund of Egypt for Investment and Development (TSFE).

“Egypt’s excellent wind and solar resources can generate the renewable energy required to produce large scale green electricity, green hydrogen and green ammonia,” Forrest said.

Egypt expects to finalise green hydrogen projects worth $10 billion by year end and estimates investments in green hydrogen projects to touch $41.5 billion by 2030 and exceed $81.6 billion thereafter.

Early this year, Fortescue had proposed a ‘substantial’ ready to deploy green hydrogen project to Omani authorities.

(Reporting by Brinda Darasha; editing by Seban Scaria)