Masdar-led consortium signs deal to develop Suez Canal green hydrogen project

The consortium, which includes Infinity Power and Hassan Allam Utilities, had signed two memorandums of understating in April with Egyptian entities to develop two green hydrogen production plants in Egypt

By Reuters

Published: Wed 16 Nov 2022, 6:19 PM

UAE renewable energy firm Masdar and its partners said on Wednesday they had signed a framework agreement with Egyptian state-backed organisations to develop a 2 gigawatt (GW) green hydrogen production project in the Suez Canal Economic Zone (SCZONE).

The consortium, which includes Infinity Power and Hassan Allam Utilities, had signed two memorandums of understating in April with Egyptian entities to develop two green hydrogen production plants in Egypt, one in the SCZONE and the other on the Mediterranean.

The agreement was signed on the sidelines of the COP27 climate conference in Egypt.

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“Today’s announcement serves to strengthen the ties between the UAE and Egypt and highlights our two nations’ commitment to delivering zero-carbon energy solutions,” Sultan al-Jaber, the UAE’s industry minister and special climate envoy, said in a statement.

The SCZONE facility is set to begin operations by 2026.

The electrolyzer facilities in the SCZONE and the Mediterranean can be extended up to 4 GW by 2030 to produce 2.3 million tonnes of green ammonia for export as well as supply green hydrogen to local industries, the Masdar statement said.

Masdar, Infinity Power and Hassan Allam Utilities last week signed an agreement to develop one of the world’s largest onshore projects in Egypt.

Masdar has a portfolio of renewable energy assets with a combined value of more than $20 billion and a total capacity of more than 15 GW. — Reuters