- Independent power producer, Globeleq, has signed a Memorandum of Understanding with the New and Renewable Energy Authority (NREA), the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt for Investment and Development (TSFE), and the Egyptian Electricity Transmission Company (EETC), to jointly develop a large-scale green hydrogen facility within the Suez Canal Economic Zone.
Globeleq, as lead developer and investor, will develop, finance, build, own and operate the green hydrogen project. It will be developed in 3 phases, totalling 3.6 GW of electrolysers and around 9 GW of solar PV and wind power generation. The first phase will involve a pilot project using a 100 MW electrolyser, and will initially focus on green ammonia fertilisers, while considering other end-uses of green hydrogen in the medium and longer term, including green fuels. Globeleq intends to enter into long-term off-take agreements with leading and creditworthy Egyptian and international companies, while supporting their decarbonisation plans.
Capitalising on Egypt’s best-in-class wind and solar PV resource, well-developed infrastructures, and the Egyptian Government’s investment-friendly regulatory framework, Globeleq aims to competitively produce hydrogen for exports and the local market. Egypt’s unique geographical location, at the crossroads of Africa, Europe, and Asia, with about 13% of the global trade flowing through the Suez Canal, puts the country in a position to become a global green energy hub.
Globeleq has been investing in Egypt since 2003 and currently owns the ARC for Renewable Energy S.A.E. 66 MWp solar PV plant located at the Benban Solar Park near Aswan. Globeleq aims to support the country’s ambitious renewables strategy by developing new solar PV, wind, battery energy storage, seawater desalination and green hydrogen projects in Egypt.
Author: Bryan Groenendaal
