Egypt has signed a $4 billion deal with Saudi Arabia’s ACWA Power company to develop a green hydrogen project, Egypt’s cabinet said in a statement on Wednesday.
Dr. Mostafa Madbouly, Egypt’s prime minister, was present for the signing of an agreement involving various entities. These included the Sovereign Fund of Egypt, the General Authority For Suez Canal Economic Zone, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, and the developer of the project company Saudi’s ACWA Power.
Dr. Mohamed Shaker, Egypt’s minister of Electricity, stated that as per the agreement signed today, an action plan will be implemented for the first phase of the green hydrogen project. This phase will have a production capacity of up to 600,000 tons per year of green ammonia. The total investments for this phase will exceed $4 billion. Furthermore, there are intentions to expand the project in the second phase, which will have a production capacity of 2 million tons per year.
Additionally, the Egyptian Cabinet issued a statement, quoting Marco Arceli, the CEO of ACWA Power. He expressed the company’s commitment to leveraging its expertise in the field of green hydrogen in Egypt’s emerging market. Arceli also praised the partnership for fuel production, stating that Egypt has the potential to become one of the world’s largest producers of green hydrogen in the future.
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