Home Finance Saudi To Establish USD3.5b Green Hydrogen Project in Egypt

Saudi To Establish USD3.5b Green Hydrogen Project in Egypt

Saudi To Establish USD3.5b Green Hydrogen Project in Egypt
Photo Courtesy: Amwal Al Ghad

Alfanar, a Saudi Arabian company said it has signed a memorandum of understanding to construct a $3.5 billion green hydrogen initiative in Egypt. The facility will produce 500,000 tonnes of green ammonia, which is used in agricultural fertilizers, from 100,000 tonnes of green hydrogen each year. The project is among seven MOUs signed between Egypt and international companies to fix green hydrogen as well as ammonia production facilities in Egypt. Egypt, the host of the next COP27 UN Climate Change Conference, has positioned itself as a regional hub for green fuel production. The article contains Saudi To Establish USD3.5b Green Hydrogen Project in Egypt.

The country has signed many MOUs in the past several months, including for an $8 billion green hydrogen manufacturer company in the Suez Canal Economic Zone. However, Alfanar construction builds power generation and transmission projects, including renewable power. For example, it operates a 50MW solar project in the Benban Solar Park in Egypt’s Aswan.

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