Egypt to invest up to $4bln in green hydrogen production

Sharm El-Sheikh –  Egypt intends to produce green hydrogen through water electrolysis by investing in a project worth $3 billion to $4 billion, according to the Minister of Electricity and Renewable Energy, Mohamed Shaker.

The project is currently in the phase of the feasibility study, which is expected to be presented next week, in coordination with The Sovereign Fund of Egypt (TSFE) as well as concerned ministries, Shaker said on the sidelines of the first forum of heads of African investment agencies.

Egypt will be allocating more than 7,000 square kilometers of land for the green hydrogen production project to reach an output of about 90,000 megawatts.

The Arab republic also plans to have about 42% of the produced energy from renewable resources by 2035, Shaker added, noting that Egypt will rely on renewable energy by about 20% before the end of 2021.

He added that the country aims to export its future green hydrogen production.

As for Egypt’s El Dabaa Nuclear Power Plant, Shaker said production at the facility is planned to commence in 2026 at a capacity of 4,800 megawatts.

Shaker stated during the event that the North African nation will be launching a 2,000-megawatt electricity interconnection project with Saudi Arabia over the coming period.

Egypt’s inaugural forum is taking place in Sharm El-Sheikh during 11-13 June, under the theme “Integration for Growth.” A total of 33 African countries and representatives of international and African economic institutions is participating in this event.