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

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

Staff Writer, Arab Finance

February 29, 2024

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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.

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