Egypt seals 7 green hydrogen, renewables MoUs worth over $40bln

Getty Images

Under the MoU, an expected sum of $12 billion will be invested during the trial phase

Staff Writer, Arab Finance

February 29, 2024

PHOTO

Egypt has signed seven memoranda of understanding (MoUs) with international developers in the fields of green hydrogen and renewable energy in the Suez Canal Economic Zone (SCZONE) with investments exceeding $40 billion over the coming 10 years, as per a statement.

The international developers are the UK-based PASH Global, Swiss Smart Energy, South Korean SK ecoplant, Canada-based AmmPower, China’s United Energy Group, and Egypt’s Gila Al Tawakol Electric and Gama Construction.

Under the MoU, an expected sum of $12 billion will be invested during the trial phase, while an amount of around $29 billon will be invested in the first phase, Minister of Planning and Economic Development Hala ElSaid stated.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

ZAWYA NEWSLETTERS

RELATED ARTICLES

ZAWYA NEWSLETTERS

LATEST VIDEO