The signing event was attended by Prime Minister Mostafa Madbouly and other government officials.
The SCZone’s general authority, the Egyptian Sovereign Fund, the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, Masdar, and HAP signed the MoUs.
Masdar and HAP would join a consortium under the two MoUs to construct green hydrogen production plants in the SCZone and along the Mediterranean coast, according to a cabinet statement.
The collaboration plans to create up to 480,000 tonnes of green hydrogen per year in various stages through 2030.
The agreements were inked as part of Egypt’s attempts to attract international, Arab, and local enterprises to engage in the country’s green energy industry, according to the statement.
Madbouly, for one, stated that the government is seeking foreign investment in green hydrogen production as part of its ambitious goals to become a clean energy transit route to Europe and the rest of the globe.
As part of its efforts to localize the production of the clean-burning fuel, Egypt has been examining numerous bids filed by multinational corporations to develop green hydrogen projects in the SCZone.
In preparation for hosting the UN Conference of Parties on Climate Change (COP27) in Sharm El-Sheikh in November, Egypt is working to make its 72-kilometer-long Suez Canal into a “green route.”
