The SCZONE, or Suez Canal Economic Zone, will host the first phase of the green hydrogen plant, which would cost between $1.5 and $1.8 billion, according to the Saudi Al-Fanar Group’s chief investment officer.
During a conversation outside of COP27, Al-Mutlaq said that the project has two aspects. According to Al-Mutlaq, if development is finished in just two years, the first phase will produce about 250,000 tonnes of green ammonia by the year 2025. The second phase will enable the business to market its goods in Europe with the intention of tripling exports in ten years.
He pointed out that the Economic Zone, the Renewable Energy Authority, the Egyptian Sovereign Fund, and the developer, ETC, all signed the framework agreement.
In June of last year, Al-Fanar and Egypt struck a SAR 2 billion agreement. These included, among other things, the localization of technologies for the creation of renewable energy and green hydrogen.
Energy projects, particularly those utilizing renewable energy, are developed by Al-Fanar. At the Benban Solar Energy Complex in Aswan, the company is currently in operation with a 50 MW solar energy plant.