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Egypt inks renewable energy agreements of $83bn

Egypt inks renewable energy agreements of $83bn
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Cairo – Mubasher: Egypt's Minister of Planning, Hala El-said, witnessed the signing of a number of agreements and cooperation protocols between the Sovereign Fund of Egypt (TSFE) and a number of developers worth $83 billion in the renewable energy sector.

The agreements were signed on the margin of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) held in Sharm El-Sheikh from 6 to 18 November.

Egypt's Minister of Electricity, Mohamed Shaker, the Minister of International Cooperation, Rania El-Mashat, and the Minister of Petroleum and Mineral Resources, Tarek El-Molla, attended the signing ceremony.

The investments fall in line with the sovereign fund’s decarbonisation strategy leveraging sustainable methods that benefit the economy and place Egypt as an international green energy hub.

In the meantime, Infinity Power and its consortium partners, Masdar and Hassan Allam Utilities, penned a framework agreement with leading Egyptian state-backed organisations to develop a 2 gigawatt (GW) green programme the Suez Canal Economic Zone (SCZONE). The consortium is targeting an electrolyser capacity of 4 GW by 2030, and an output of up to 480,000 tonnes of green hydrogen per year.

As per the agreement, the consortium will enter into a binding framework agreement with the Egyptian New and Renewable Energy Authority (NREA), Egyptian Electricity Transmission Company (EETC), SCZONE, and TSFE. 

In the first phase of the project, the consortium will establish a green hydrogen manufacturing facility in the SCZONE, scheduled to begin operation by 2026. The electrolyser facilities in the SCZONE and on the Mediterranean could be extended to up to 4 GW by 2030 to produce 2.30 million tonnes of green ammonia for export and supply green hydrogen for local industries.

Last week, Infinity Power, Masdar and Hassan Allam Utilities signed an agreement to develop a 10 GW onshore wind project in Egypt, one of the world’s largest wind farms. Once completed, the wind farm will reduce carbon dioxide emissions by 23.80 million tonnes a year, equivalent to 9% of Egypt’s current output.