In the Suez Canal Economic Zone, Globeleq and Egyptian governmental institutions have signed a Framework Agreement to work together to build a sizable green hydrogen factory.
According to a news release from the UK-based company, the deal was signed with the General Authority for the Suez Canal Economic Zone (SCZONE), The Sovereign Fund of Egypt (TSFE), the New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company (EETC).
In August 2022, the Memorandum of Understanding was signed.
The green hydrogen project will be developed, financed, built, owned, and operated by Globeleq in three parts over a 12-year period, according to the announcement.
According to the report, the project’s 3.6 GW worth of electrolyzers will be fueled by up to 9 GW of wind and solar photovoltaic energy.
Phase 1 will be a demonstration project that will create 100,000 tonnes of green ammonia annually from hydrogen for export to Europe and Asia for use in the fertilizer sector. Phase 1 is anticipated to begin operations by 2026–2027.
Once they are commercially viable, other possible uses for green hydrogen, such as green fuels, will be taken into account in the medium and long term.
Globeleq has assets generating more than 1.5 GW in 14 locations throughout 6 nations in Africa. In addition, there are power projects totaling more than 2 GW and 722 MW now under construction.
The 66MWp ARC for Renewable Energy solar PV facility in Egypt is currently owned by the business and is situated in the Benban Solar Park close to Aswan.
British International Investment, a development finance organization in the UK, owns 70% of Globeleq, while Norfund, a development finance institution in Norway, owns 30%.