TAQA Arabia, Egypt’s leading private sector energy and utility provider, and its partner Voltalia, one of the largest international companies in the sector of generating, operating, and supplying all types of renewable energy, have signed a framework agreement during the Egypt-EU Investment Conference 2024, which was held on June 29 and 30 in Cairo.
The conference marks a new era of economic cooperation between Egypt and the European Union, under the auspices of Egyptian President Abdel Fattah El Sisi and European Commission President Ursula von der Leyen.
The framework agreement is a continuation of a memorandum of understanding (MoU) signed in December 2022 to develop a cluster combining green hydrogen production with renewable power generation with a total investment that could reach up to $3.4 billon by the completion of all the project phases.
The project will be implemented in two identical phases, each comprising a 500 MW electrolyzer powered by more than 1.3 GW of solar and wind energy. The facility will be located at a greenfield site near Ain Sokhna port in the Suez Canal Economic Zone and will have an annual production capacity exceeding 350,000 tons of green ammonia for each phase.
The signing ceremony was attended by Mostafa Madbouly, Egypt’s Prime Minister; Mohamed Shaker, Minister of Electricity and Renewable Energy; and Hala Al-Saeed, Minister of Planning and Economic Development. Representatives from the Egyptian government included Ayman Soliman, CEO of the Sovereign Fund of Egypt (TSFE); Waleid Gamal El-Dein, Chairman of the General Authority of Suez Canal Economic Zone (SCZONE); Mohamed El-Khayat, Executive Chairman of the New and Renewable Energy Authority (NREA); and from TAQA Arabia Khaled AbuBakr, Chairman of TAQA Arabia; and Pakinam Kafafi, CEO of TAQA Arabia. On Voltalia’s side, attended included Karim El Azzawy, Voltalia’s Country Manager for Egypt and Jordan; and Angela Africano, Voltalia’s Head of Special Projects.
“TAQA Arabia is committed to contributing to building the green economy in Egypt, in line with the state’s efforts. This commitment is reflected in the continuation of our operations through strategic partnerships with the most important players in the energy sector. As such, we sign this framework agreement with the French Voltalia, NREA, SCZone, and TSFE,” Kafafi commented.
Sebastien Clerc, CEO of Voltalia said: “Egypt has promising opportunities to enhance its regional leadership in green hydrogen production and export within the country’s plans for green transformation. Voltalia is working hard to support these plans by signing a framework agreement in partnership with TAQA Arabia, which has great experience in the energy sector. This landmark project will contribute significantly to Egypt’s transition to a green sustainable economy. The project will enhance Egypt’s energy security by becoming less reliant on fossil fuels and achieving sustainable development goals.”
“The signing of the framework agreement today comes as one of the results of the efforts made by the state to stimulate investment in the field of green hydrogen and its derivatives, in line with the requirements of sustainable development and the state’s plans for economic and social development. This conference reflects the European Union’s confidence in the economic achievements achieved by Egypt,” AbuBakr pointed out.
