Fortescue Future Industries (FFI) has signed a Memorandum of Understanding (MoU) to study the feasibility of developing green hydrogen production in the Arab Republic of Egypt.
The memorandum of understanding signed by FFI, New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC), and The Sovereign Fund of Egypt for Investment and Development (TSFE) demonstrates the parties’ commitment to becoming leaders in renewable energy production and taking steps toward the production of green hydrogen in Egypt.
The Sovereign Fund of Egypt Chief Executive Officer Ayman Soliman said “Our green hydrogen portfolio is expanding, enabling us to deliver on our goal and promise of producing green energy flagship projects.
“We are glad to collaborate with FFI on this project, who are renowned players in the zero-carbon energy generation field.
“Through our green energy projects, we are able to capitalize on Egypt’s renewable energy resources and transform Egypt into a regional green energy hub, setting an example at COP27 which will be hosted by Egypt in November 2022,” Mr Soliman said.
FFI’s Julie Shuttleworth said “Egypt has the potential to become a global powerhouse in the green energy value chain.
“Egypt’s excellent hydropower, wind and solar resources can generate the renewable energy required to produce large scale green electricity, green hydrogen and green ammonia both for export and to decarbonise Egyptian industry,” Ms Shuttleworth said.
FFI is interested in constructing large-scale renewable energy projects in Egypt, contingent upon the findings of the investigations.
FFI President Middle East North Africa, Moataz Kandil said “This MoU is a significant step towards lowering emissions and progressing green energy projects in the region.
“FFI is looking forward to working with the Arab Republic of Egypt on this new venture, as well as our shared commitment to delivering social, environmental and economic benefits,” Mr Kandil said.
