Officials from Masdar, Infinity Power Holding & Hassan Allam Utilities signing MoU
Masdar, the UAE’s flagship clean energy company, and its consortium partners, Infinity Power Holding and Hassan Allam Utilities, have signed a framework agreement with leading Egyptian state-backed organizations on the development of a 4 gigawatt (GW) green hydrogen project in the Suez Canal Economic Zone (SCZONE).
The Masdar-led consortium signed two Memorandums of Understanding (MoUs) in April with Egyptian entities, related to the development of two green hydrogen production plants in the country, one in the SCZONE and the other on the Mediterranean. The consortium is targeting an electrolyzer capacity of 4 gigawatts (GW) by 2030, and an output of up to 480,000 tons of green hydrogen per year.
As per the agreement, the consortium will enter into a binding framework agreement with the SCZONE, the Egyptian New and Renewable Energy Authority (NREA), Egyptian Electricity Transmission Company (EETC), and The Sovereign Fund of Egypt (TSFE). The agreement sets out the key terms and conditions for the green hydrogen development program with a focus on the first phase of the program.
Sultan bin Ahmed Al Jaber UAE Minister of Industry & Advanced Technology Chairman – Masdar
“Today’s announcement serves to strengthen the ties between the United Arab Emirates and the Republic of Egypt and highlights our two nations’ commitment to delivering zero-carbon energy solutions. This 4 GW green hydrogen program follows Masdar’s announcement last week of a 10-gigawatt wind project in Egypt, also with our partners Hassan Allam Utilities and Infinity Power Holding, both will support Egypt’s decarbonization objectives. Through Egypt’s hosting of COP27, our two countries have also been able to exchange expertise and share insights that we will take forward and build on in the UAE when we host COP28 next year.”
In the first phase of the project, the consortium will establish a green hydrogen manufacturing facility in the SCZONE, scheduled to begin operations by 2026.
Mohamed Ismail Mansour, Chairman, Infinity Power, said, “We are honored to be working on our first ever Green Hydrogen project, as a part of the consortium with Masdar and Hassan Allam Utilities. The project is expected to facilitate economic growth for the country as well as help position Egypt as a Green Fuel Hub, propelling the country forward on its journey in becoming a green economy. We look forward to being a part of many such projects in the future.”
Amr Allam, CEO of Hassan Allam Holding, said, “Such strategic partnerships between Hassan Allam Utilities, Masdar, and Infinity Power provide more opportunities that support Egypt’s transition towards a green economy and promote sustainable development across the country. We are proud to contribute to the development of green hydrogen production facilities in Egypt while leveraging the country’s abundant natural resources.”
Thank you very much for choosing GCC Business News to be an important part of your professional life. You will receive a confirmation e-mail. Please check SPAM or UPDATES folder
