The European Bank for Reconstruction and Development (EBRD) is to loan $80 million to Egypt Green to develop the country’s first green hydrogen facility and launching a Corporate Climate Governance Facility to help firms manage environmental risks and opportunities.
The EBRD’s financing will be used to acquire and construct a 100MW electrolyser facility to be powered by renewable energy and when fully developed, the facility will deliver up to 15,000 tonnes of green hydrogen annually. This, in turn, will be used as an input for the production of green ammonia to be sold on the Egyptian and international markets.
Egypt Green is owned, built and operated by Fertiglobe, one of the largest seaborne exporters of combined urea and ammonia, Scatec, a Norway-based integrated independent power producer, Orascom Construction, one of the largest engineering and construction groups in the MENA region, and the Sovereign Fund of Egypt, a state-owned, privately managed investment fund positioning itself as the partner of choice in Egypt.
Ammonia production is energy intensive and responsible for around 1.8 per cent of global carbon dioxide (CO2) emissions despite its essential nature as the building block for nitrogen fertilizers, a critical crop input that provides food to 40% of the world’s population.
... to continue reading you must be subscribed