In Ain El-Sokhna, a $4 billion facility will be constructed on 4 million square meters to produce 100,000 tons of hydrogen annually and 500,000 tons of green ammonia.
Alfanar has inked a deal with the Egyptian Electricity Transmission Company (EETC), the General Authority of the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), and the New and Renewable Energy Authority (NREA).
Egyptian Prime Minister Moustafa Madbouly, Egyptian Ministers of Electricity Mohamed Shaker, Egyptian Minister of Planning Hala al-Saeed, and Saudi officials Faisal A. Al-Yemni, Deputy Minister of Investment, and Mazeed Al-Hoishan, Saudi Consul to Egypt, all witnessed the signing of the agreement.
“We have a history of good relations with Egypt… We will be creating a project to create green hydrogen and green ammonia through this arrangement. Alfanar Co. chairman Sabah Al-Mutlaq remarked.
Alfanar has long had a significant presence in Egypt thanks to its work in the energy, design, and development of renewable energy sources. In the Benban Solar Park in the Egyptian city of Aswan, it was one of the first businesses in the world to run a 50-megawatt solar plant. This solar power facility presently offsets roughly 57,000 tons of carbon dioxide emissions annually with its electricity.