British firm Actis, which is the largest private capital investment firm in Africa, signed on Thursday a memorandum of understanding to set up a green hydrogen and ammonia development project in Egypt.
The industrial facility will be built in Ain El-Sokhna industrial zone over 2 million square metres to produce 200,000 tons of green hydrogen and ammonia per year.
“The MoU will give Actis an entry point into what could be one of the largest hydrogen markets in the region. While not alone in pursuing green hydrogen, Egypt has a comparative advantage due to its renewable resources and proximity to European and Asian markets. This opportunity is an attractive proposition for Actis as it develops its hydrogen strategy and evolves the next generation of investment platforms.” Actis said in a statement.
The memorandum was signed by Waleid Gamal El-Dein, chairman of the General Authority of the Suez Canal Economic Zone (SCZone); Sherif El Kholy, partner and head of Middle East and North Africa at Actis; Sabah Mashali, chairperson of Egyptian Electricity Transmission Company (EETC); Mohammed El Khayat, chairman of the New and Renewable Energy Authority (NREA); and Abdallah El-Ebiary, head of the Investment Sector at the Sovereign Fund of Egypt (TSFE).
The deal took place in the presence of Egyptian Prime Minister Moustafa Madbouly, Minister of Electricity Mohamed Shaker, and Minister of Planning Hala al-Saeed.
“Today’s signing is a continuation of our commitment to Egypt where we have a 20 year track-record of investing over US$1 billion in some of the country’s most strategically important businesses and projects to become one of the leading foreign direct investors in the country.” Actis’ Sherif ElKholy said.
“The Egyptian government has ambitious Energy Transition plans, in addition to hosting COP27 this year, and active steps are being taken to make Egypt a major hub for green hydrogen. We look forward to deepening our partnership with the Egyptian government and contributing to their 2030 renewable energy strategy through this project and others to come.”
