In Egypt, Globeleq announces the signing of a renewable hydrogen framework agreement with the government.
A comprehensive partnership
In Egypt, Globeleq announces a framework agreement with the General Authority of the Suez Canal Economic Zone (SCZONE). In addition, the agreement also includes the Egyptian Sovereign Wealth Fund for Investment and Development (TSFE). The agreement also includes the New and Renewable Energy Authority (NREA) and the Egyptian Electricity Transmission Company (EETC).
Globeleq will develop, finance, build, own and operate a renewable hydrogen project. The project will be developed in three phases over the next 12 years. In addition, the project totals 3.6GW of electrolysers powered by 9GW of solar photovoltaic and wind energy.
The first phase will consist of a pilot project that will produce 100,000 tons per year of green ammonia from hydrogen. This production in Egypt is mainly intended for export to Europe and Asia. In addition, the first phase is expected to become operational by the year 2026-2027.
An advantageous location
In addition, the project could develop other potential end uses for renewable hydrogen. Thus, the site, in Egypt, could produce green fuels. Waleid Gamal Eldien, President of SCZONE, states:
“The signing of the framework agreement with Globeleq is a continuation of our commitment to implement Egypt’s vision in the transformation to a green economy. The Egyptian government has an ambitious energy transition plan and active steps are being taken to make SCZONE a major hub for renewable hydrogen. This partnership reflects the private sector’s interest in investing in such projects, as they choose SCZONE as a destination for investment in renewable hydrogen and green fuels, to serve both African and global markets.”
Egypt’s unique geographical location at the crossroads of Africa, Europe and Asia is an advantage. With approximately 13% of world trade passing through the Suez Canal, Egypt is ideally situated. Thus, the country aims to become a strategic pole to become a global hub for renewable energy.
Globeleq currently owns the ARC for Renewable Energy SAE solar PV plant. It is located in the solar park of Benban near Aswan. In addition, in Egypt, the company wants to develop new solar, wind and seawater desalination projects.
