Prime Minister Mostafa Madbouly has witnessed the signing ceremony of two new memoranda of understanding (MoUs) to cooperate in the development of green hydrogen production plants in Egypt, with the participation of the UAE’s Masdar and Hassan Allam Utilities Company.

The two MoUs come to complement the state’s efforts to motivate international, Arab and national companies to engage in private investments in green energy projects in Egypt, as the MoUs are for cooperation in developing green hydrogen production stations in the Suez Canal economic zone and on the Mediterranean coast.

The first MoU was signed between the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company (EETC), the New and Renewable Energy Authority (NREA), the UAE’s Abu Dhabi Future Energy Company (Masdar) being one of the world’s leading companies in the field of renewable energy, and Hassan Allam Utilities Company, the investment and development arm of the Hassan Allam Holding Group.

Meanwhile, the second MoU was signed between the Sovereign Fund of Egypt, EETC, the New and Renewable Energy Authority, Masdar, and Hassan Allam Utilities Company.

Under the MoUs, 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 stages extending until 2030, to produce up to 480,000 tons of green hydrogen annually, through electrolyzers with a capacity of 4 gigawatts.