Egyptian Prime Minister Mostafa Madbouly witnessed the signing of two new Memoranda of Understanding on cooperation in the development of green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
According to a statement, the first memorandum of understanding was signed between the General Authority for the Economic Zone of the Suez Canal, the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, the Abu Dhabi Future Energy Company “Masdar” of the United Arab Emirates, and the Hassan Allam Utilities Company, the investment and development arm for Hassan Allam Holding Group.
The second memorandum of understanding was signed between the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, the Abu Dhabi Future Energy Company “Masdar” of the United Arab Emirates and the Hassan Allam Utilities Company of the Hassan Allam Holding Group.
Under the two memoranda of understanding, Masdar and Hassan Allam Utilities will form a strategic coalition that aspires to develop green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast, in various phases up to 2030, to produce up to 480,000 tons of green hydrogen annually, through electrolysers with a capacity of 4 gigawatts.
In this context, the Egyptian Prime Minister stated that the state is working to encourage investments in the field of green energy projects, thanks to the capabilities of Egypt which qualifies it to become an important pivotal and regional center. in this vital field, which is expected to change the shape of the global energy system by the next stage, as it would accelerate the energy transition process in the region.
The two companies see Egypt as a center for green hydrogen production, a market for refueling and exports. in Europe, as well as boosting local industry.
The two agreements will help consolidate the strategic partnership between Egypt and the United Arab Emirates in the clean and renewable energy and green hydrogen sectors and are in in line with the carbon reduction agenda, especially in light of the two countries’ preparations to host the COP27 and COP28 conferences.
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