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Egypt signs a huge agreement with a Saudi company worth $4 billion

Egyptian bodies signed an agreement with the Saudi company “CoPower” to develop a green hydrogen project, with investments exceeding $4 billion, in the Suez Canal Economic Zone.

The signing was made between the Sovereign Fund of Egypt, the Suez Canal Economic Authority, the Egyptian Electricity Transmission Company, the New and Renewable Energy Development and Utilization Authority, and the project developer, the Saudi “Aqua Power” company, where 600 thousand tons of green ammonia will be produced, reaching two million tons annually with development and expansion. .

Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker indicated after the signing that, according to the agreement signed on Wednesday, a work plan will be drawn up to develop the first phase of the green hydrogen project, with a production capacity of up to 600 thousand tons of green ammonia annually, with the intention of expanding to develop the second phase with capacity. Productivity of two million tons annually.

Marco Arcelli, CEO of ACWA Power, said that this partnership aims to produce the fuel of the future, which will enjoy great demand in Europe and the rest of the world, stressing that Egypt has the potential to become one of the largest producers of green hydrogen in the world.

He added, “With this new project, the total number of ACWA Power projects in operation, under construction, or in an advanced stage of development in Egypt reaches 5 projects, all of which depend on new and renewable energy.”

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