Abu Dhabi-based Masdar and its consortium partners Infinity Power and Hassan Allam Utilities will develop a two-gigawatt (GW) green hydrogen project in the Suez Canal Economic Zone (SCZONE).
This came following the signing of a framework agreement with state-backed Egyptian organisations at the sidelines of the 2022 United Nations Climate Change Conference, Masdar said in a statement.
Under the agreement, the consortium will enter into a binding framework agreement with the SCZONE, the Egyptian New and Renewable Energy Authority, the Egyptian Electricity Transmission Company, and The Sovereign Fund of Egypt.
The agreement will outline the key terms and conditions for the development programme of the project, focusing on the first phase of the establishment of the manufacturing facility which is expected to start operations by 2026.
The electrolyzer facilities in the SCZONE and on the Mediterranean could be expanded up to 4GW by 2030, producing 480,000 tonnes of green hydrogen annually and 2.3 million tonnes of green ammonia for export and supply green hydrogen for local industries.