- FFI has secured access and exclusive land rights in Egypt to study renewable energy sources potential for green hydrogen production
- FFI says the land under the framework agreement is enough to host 7.6 GW renewable energy, including wind and solar power capacity
- This amount of renewable energy can produce 330 kiloton of green hydrogen annually
At the UNFCCC’s COP27, the host country Egypt has agreed to offer access and exclusive land rights with potential to host 7.6 GW renewable energy, including solar and wind, to Australia’s Fortescue Future Industries (FFI) as it explores the opportunity to generate 330 kiloton per annum green hydrogen in the country.
Green hydrogen company FFI has announced signing a binding framework agreement with Egypt which will allow it to study renewable energy resources here which will include wind and solar.
On behalf of the Egyptian government, this agreement was signed by the country’s New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and The Sovereign Fund of Egypt for Investment and Development (TSFE).
It follows the memorandum of understanding (MoU) between the 2 parties to explore the feasibility of a 9.2 GW wind and solar powered green hydrogen project in the country (see 9.2 GW Green Hydrogen Production Plans For Egypt).
“This framework agreement signed today lays the groundwork for Egypt to begin harnessing its excellent natural resources and generate the renewable energy required to produce large scale green hydrogen and green ammonia,” said Moataz Kandil, FFI President Middle East North Africa (MENA).
Egypt expects to show the world the ‘attractiveness’ of investment in the country with this agreement as it believes this underscores the country’s capabilities in the renewable energy field. It will also bring in jobs and economic growth.
“Energy projects are vital, as they align with the government’s strategy to transform Egypt into a global renewable energy hub,” said Egyptian Prime Minister Mostafa Madbouly.
According to local media reports in Egypt, TSFE has signed agreements and cooperation protocols worth $83 billion in the renewable energy sector with 9 investors, on the sidelines of the COP27. In August 2022, TSFE entered agreements for green hydrogen production with a host of international investors as Scatec, AMEA Power, EDF Renewables, Maersk, Masdar, Mediterranean Energy Partners, Actis, Alfanar, Globeleq, ReNew Power and FFI.
On November 8, 2022, Egypt and Norway launched phase I of a green hydrogen plant in Egypt’s Ain Sokhna on the Red Sea which will be delivered by Norway’s Scatec.