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Egypt Signs 7 Green Hydrogen MoUs Worth $40 Billion

Last Updated on 01st March 2024

Egypt has signed seven Memoranda of Understanding (MoUs) with international developers in the fields of green hydrogen and renewable energy. These agreements, signed in the Suez Canal Economic Zone, could lead to a total investment worth around USD 40 billion over the next decade.


Egypt Signs 7 Green Hydrogen MoUs Worth $40 Billion

Image source: Daily news Egypt


The investment is expected to be carried out in two phases. There will be an investment of about USD 12 billion in the pilot phase and another USD 29 billion in the first phase. This substantial investment reflects Egypt's commitment to transitioning towards green energy and reducing its carbon footprint.


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These MoUs are not the first of their kind. Over the past two years, Egypt has signed a series of memoranda of understanding and framework agreements for the development of green hydrogen. These agreements are part of Egypt's broader strategy to position itself as a hub for green hydrogen and renewable energy.


The signing of these MoUs is expected to have far-reaching implications. Not only will it contribute to global efforts to combat climate change, but it will also create jobs and stimulate economic growth in Egypt. Moreover, it will help diversify Egypt's energy mix, reducing its reliance on fossil fuels and enhancing its energy security.


Read: Lhyfe Unveils its First Green Hydrogen Project in UK: 20 MW Green Hydrogen Plant


Developers Involved


Smart Energy

A Switzerland-based renewable energy company. The company has confirmed its plans to develop 1 GW of electrolysis capacity to produce 830,000 metric tons of green ammonia.


Pash Global

Pash Global is a company focused on clean energy, acting as both an investor and developer in the sector. They work on projects around the world and have a specific focus on sustainable and cost-effective solutions.


Gama Construction

Gama Construction is a company specializing in turnkey construction projects, primarily operating in the Middle East and North Africa (MENA) region. The company is also involved in the Centrale Electrique de l'Ouest Guyanais (CEOG) Hydrogen Power Project in French Guyana.


SK Ecoplant

SK Ecoplant, a subsidiary of the South Korean SK Group, is a construction and engineering company with a strong focus on environmental solutions. Founded in 1977, the company boasts a long history of success in various fields


Gila Al Tawakol Electric

Gila Al Tawakol Electric, a prominent player in the Egyptian electrical industry, boasts a rich history dating back to 1892. Originally established as a trading company by Aldo Gila to represent international brands locally, the company experienced a significant transformation in 1975. Al Tawakol acquired Gila Electric, setting forth an ambitious vision to transform it into a leading force within the Middle East and North Africa (MENA) region.


Amm Power

AmmPower is a Canadian clean energy company dedicated to the development, production, and application of green ammonia. 


United Energy Group

United Energy Group (UEG), a Hong Kong-listed company, is primarily known for its oil & gas exploration and production (E&P) activities. However, they have recently shown interest in diversifying their portfolio by venturing into the green hydrogen space.


Read: Semarak Renewable Energy Secures $400 Million Loan to Develop Green Hydrogen Facility in Malaysia


Objectives of the Investment


Egypt Signs 7 Green Hydrogen MoUs Worth $40 Billion


The primary objective of these MoUs is to foster the development of the green hydrogen and renewable energy sectors within Egypt. Green hydrogen, produced using renewable energy sources, is emerging as a key player in the global energy transition. By investing in this sector, Egypt is positioning itself at the forefront of this transition, ready to meet the increasing global demand for clean energy.


Furthermore, Egypt is making a strategic move to establish itself as a hub for green hydrogen and renewable energy. This aligns with the nation’s broader vision of becoming a major player in the global energy market. The Suez Canal Economic Zone, where these projects are likely to be based, is ideally located to facilitate the export of green hydrogen and other renewable energy products to markets in Europe and Asia.


Read: Honeywell and TGS Joint Venture to Establish Vietnam’s First Green Hydrogen Plant in Mekong Delta


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