Egypt signs two MoUs with UAE’s Masdar to produce green hydrogen

Ahram Online , Monday 25 Apr 2022

Hassan Allam Utilities signed on Sunday two memoranda of understanding with Abu Dhabi Future Energy Company (Masdar) to build hydrogen plants in the Suez Canal Economic Zone (SCZone) and on the Egyptian Mediterranean coast.

UAE

 

Prime Minister Mostafa Madbouly and a host of government officials attended the signing ceremony.

The MoUs were signed by the Egyptian state-backed organisations: the General Authority of the Suez Canal Economic Zone (SCZone); the Sovereign Fund of Egypt; the Egyptian Electricity Transmission Company; and the New and Renewable Energy Authority, 

Under the two MoUs, Masdar, one of the world’s leading renewable energy companies, and Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding Group, will form a consortium to develop green hydrogen production plants in the SCZone and on the Mediterranean coast, a cabinet statement said.

The consortium is set to produce up to 480,000 tonnes of green hydrogen annually in various stages till 2030.

The MoUs were signed as part of the country’s efforts to encourage global, Arab, and local companies to step into Egypt’s green energy investment market, added the statement.

For his part, Madbouly assured that the country seeks to lure foreign investments into green hydrogen production as part of its ambitious plans to become a transit route for clean energy to Europe and the whole world.

Egypt has been reviewing various offers submitted by international companies to establish green hydrogen projects in the SCZone, as the country seeks to localise the production of the clean-burning fuel.

The country is also working on turning its 72-kilometre-long Suez Canal into a “Green Route,” to transition the international waterway to become the world's longest green canal.

Egypt is set to host the 2022 UN Conference of Parties on Climate Change (COP27) in Sharm El-Sheikh this November.

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