Globeleq has signed an agreement to develop and finance a large-scale green hydrogen facility within the Suez Canal Economic Zone.
The agreement was signed during COP27 with the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt for Investment and Development (TSFE), the New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company (EETC).
Over the next 12 years, the project will be developed in three phases, with 3.6GW of electrolysers powered by up to 9GW of solar PV and wind energy.
The first phase, involving a pilot project which will produce 100,000 tonnes a year of green ammonia from hydrogen, mainly targeting exports to Europe and Asia for use in fertilisers, is expected to start operations by 2026-27.
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