Egypt has signed a memorandum of understanding (MoU) to begin the preliminary studies of the establishment of a new plant for green hydrogen production at the Suez Canal Economic Zone (SCZone) with around $8 billion in investment, according to an official statement on July 28th.
The MoU has been signed by a group of government entities, including the New and Renewable Energy Authority (NREA), the SCZone, the Egyptian Electricity Transmission Co. (EETC), and the sovereign fund of Egypt (TSFE), with India's largest renewable energy company ReNew Power.
Under the agreement, the green hydrogen production plant will be built with an annual capacity of 20,000 tons, expandable to up to 220,000 tons per annum.
The project is set to be executed in phases starting with a pilot phase for the generation of 20,000 tons of green hydrogen a year, while the second phase will witness an expansion in production to reach 200,000 tons.
Commenting on the signing, Minister of Electricity and Renewable Energy Mohamed Shaker said: “Egypt enjoys an abundance of wind and solar energy resources through which enough renewable energy can be generated to produce green hydrogen and ammonia.”
“Egypt is a promising market to become a key global player in the green energy value chain,” Shaker remarked.
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