Egypt signed on Wednesday a deal with the Saudi company, ACWA Power to create a green hydrogen project, attracting an investment of more than four billion dollars.
According to a statement by the Egyptian Cabinet on Wednesday, the agreement will pave the way for creating a work plan. This plan aims to shape the first phase of the green hydrogen project, which could produce up to 600 thousand tonnes of green ammonia every year.
Egyptian Prime Minister Mostafa Madbouly witnessed the signing ceremony of the agreement in the presence of the Minister of Electricity and Renewable Energy, Mohamed Shaker, and the Minister of Planning and Economic Development, Hala Al-Saeed.
Also present were the CEO of ACWA Power, Marco Arcelli, and the Chairman of the Board of Directors of the Suez Canal Economic Zone, Walid Gamal El-Din.
After the signing, Shaker pointed out that the agreement paves the way for creating a work plan to shape the first phase of the green hydrogen project.
This could produce up to 600 thousand tonnes of green ammonia every year. The project involves a total investment of more than four billion dollars. Furthermore, there are plans to expand and develop a second phase with an annual production capacity of two million tonnes.
The CEO of ACWA Power shared the company’s delight in contributing its expertise in green hydrogen to this budding market in Egypt.
He commended the newly formed partnership aimed at producing the fuel of the future, which he anticipates will see high demand in Europe and other parts of the world.
He also emphasised that Egypt has the potential to rank among the world’s largest producers of green hydrogen.
