Egypt signed 7 agreements with 7 international developers on Wednesday to implement projects in the fields of green hydrogen and renewable energy. The agreements are expected to bring in investments of over $40bn over the next 10 years.
The agreements were signed by Hala El-Said, Minister of Planning and Economic Development and Chairperson of the Sovereign Fund of Egypt (TSFE), Waleed Gamal El-Din, Chairman of the General Authority for the Suez Canal Economic Zone (SCZone), Mohamed El Khayat, Chairman of the New and Renewable Energy Authority (NREA), and Khaled Abdel Karim Hassan, Member of the Board of Directors for Studies and Designs and Supervisor of the Central Projects Sector at the Egyptian Electricity Transmission Company (EETC).
The developers who signed the agreements were:
- Bash Global
- Smart Energy
- Gamma Construction and Meridiam
- SK E&C Plant-C&C North Africa
- El Tokkel Geela
- AMM Power
- United Energy Group
The agreements cover a wide range of projects, including the production of green hydrogen, green ammonia, and renewable energy. The projects are expected to be located in the Suez Canal Economic Zone.
El-Said said that the agreements represent a new step for the TSFE in its series of investment partnerships with major global companies to establish green hydrogen projects in the Suez Canal Economic Zone. She added that the agreements are expected to bring in investments of $12bn for the pilot phase and $29bnfor the first phase, for a total of $40bn over 10 years.
Ayman Soliman, CEO of the TSFE, said that the fund has received continuous and growing interest from investors in green hydrogen projects. He added that the agreements reflect the growing interest of companies in joining the Egyptian green hydrogen program, which reflects the state’s progress on the right track by establishing a well-defined and comprehensive program supported by all state agencies.
The signing of the agreements is a significant step forward for Egypt’s green hydrogen program. The program has the potential to make Egypt a major hub for green hydrogen production and export.
