Prime Minister Mostafa Madbouly witnessed the signing ceremony of seven memoranda of understanding (MoU) to explore and study green hydrogen production projects and its derivatives, the Cabinet announced.
The signing took place in the Cabinet’s headquarters in the New Administrative Capital between the Ministry of Electricity and Renewable Energy, represented by the New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company, with the Sovereign Fund of Egypt, the General Authority for the Development of the Suez Canal Economic Zone (SCZone), and alliances of international and local companies. It took place in the presence of Mohamed Shaker, Minister of Electricity and Renewable Energy, Hala El Saeed, Minister of Planning and Economic Development, and Mahmoud Esmat, Minister of Public Business Sector.
Following the signing, Madbouly referred to the state’s efforts to attract more direct foreign and domestic investments, especially in the field of new and renewable energy production, striving towards positioning Egypt as a center for green hydrogen production in the region as the fuel of the future, and maximizing the benefit of our comparative advantages. This is represented in the availability of vast areas of land with strong sources of renewable energy from wind and sunshine, as well as Egypt’s distinguished geographical location as a center of the world and easy access from it to the continent of Europe due to its marine outlets.
Shaker stated that the MoUs signing includes a number of international and local alliances and companies, including the Saudi company ACWA Power, the Benchmark alliance, the Holding Company for Chemical Industries, the China Energy company, Germany’s DAI, the Indian company Ocior Energy, and the VoltaLia – TAQA, and bp.
Signing with these alliances follows the previous successes in the same context, as 16 other developers were previously signed to implement green hydrogen production projects and its derivatives, and a framework agreement was signed with nine of these developers in preparation for the implementation of projects, during Energy Day within the activities of COP27 in Sharm El-Sheikh, Shaker noted.