ACWA Power has formalized an agreement with several Egyptian entities to initiate the first phase of its green hydrogen project. With an investment of over $4 billion, the project aims to produce 600,000 tonnes of green ammonia per year. Partners include the Sovereign Wealth Fund of Egypt (TSFE), the Suez Canal Economic Zone (SCZone), the Egyptian Electricity Transmission Company (EETC) and the Egyptian New and Renewable Energy Authority (NREA).
Implications and prospects
The agreement marks a significant step forward in the energy strategy of Egypt and ACWA Power. The aim is to position Egypt as a key player in the production of green hydrogen, with potentially significant spin-offs for European and global markets. This project is part of Egypt’s wider efforts to diversify its energy sources and reduce its dependence on fossil fuels.
This green hydrogen project in Egypt, led by ACWA Power, represents an important milestone in the global energy transition, offering Egypt an opportunity to become a leader in this emerging field.
