Saudi Arabia-based industrial conglomerate Alfanar announced on Monday that it has signed a memorandum of understanding (MoU) with the General Authority of the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA), to develop a green ammonia facility in Sokhna.

The $3.5 billion project will use renewable energy sources and produce 500,000 tonnes of green ammonia from 100,000 tonnes of green hydrogen per year, the company said in a press statement.

Alfanar currently operates a 50-megawatt solar project in the Benban Solar Park in Egypt.

(Writing by SA Kader; Editing by Anoop Menon)