Globeleq has signed an agreement to develop and finance a large-scale green hydrogen facility within the Suez Canal Economic Zone (SCZONE). Hydrogen Industry Leaders looks at how this aims to help Egypt meet their decarbonisation goals.
The agreement was signed during COP27 with the General Authority for SCZONE, the Sovereign Fund of Egypt for Investment and Development (TSFE), the New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company (EETC).
With 3.6GW of electrolysers powered by up to 9GW of solar PV and wind energy, the project will be developed in three phases over the next 12 years.
During the first phase, a pilot project will produce 100,000 tonnes a year of green ammonia from hydrogen, which is said to be mainly targeting exports to Europe and Asia for use in fertilisers. It is expected to start operations by 2026-27.
Globeleq has been investing in the country since 2003, and due to Egypt’s location; at the crossroads of Africa, Europe, and Asia and with about 13 per cent of global trade flowing through the Suez Canal, the country is in a strategic position to become a global green energy hub.