The Normal Authority for Suez Canal Financial Zone (SCZONE), The Sovereign Fund of Egypt (TSFE), The Egyptian Electrical energy Transmission Firm (EETC), The New and Renewable Vitality Authority (NREA) and India-based ReNEW Energy firm have signed a memorandum of understanding (MoU) to determine a venture to supply inexperienced fuels; the funding price is estimated at $8 billion.
The MoU is preliminary settlement to determine an industrial advanced venture with complete focused investments estimated at $8 billion, stated Yehia Zaki, chairman of the Suez Canal financial zone.
The primary part will probably be in 2023-2025, with about $710 million focused to supply 100,000 tons of inexperienced ammonia and 20,000 tons of inexperienced hydrogen.
The manufacturing capability within the second part throughout 2025-2029 goals to supply 200,000 tons of inexperienced hydrogen and a million tons of inexperienced ammonia with estimated investments of about $7,147 billion.
The positioning initially will probably be set on an space of 600,000 sq. meters within the Sokhna built-in Zone, bringing the manufacturing capability of the 2 phases of inexperienced hydrogen to 220,000 tons and 1.1 million tons of inexperienced ammonia, stated Zaki.
SCZONE has signed 8 MOUs to date within the discipline of localizing and manufacturing inexperienced fuels with a number of world key gamers and consortiums resembling Maersk, Scatec, EDF Renewables, H2, and others. SCZONE nonetheless attempt to make binding contracts for a number of inexperienced hydrogen initiatives at the side of Egypt’s internet hosting of COP 27 subsequent November in Sharm El-Sheikh.
