Egypt’s Strategic Investments in Green Hydrogen and Renewable Energy Reach $40 Billion

Egypt signed 7 cooperation agreements in the fields of green hydrogen and renewable energy with 7 global developers and a number of government entities with expected investments exceeding $40 billion over 10 years.

Egyptian Prime Minister Dr. Mostafa Madbouly witnessed the signing of the agreements in the new administrative capital, signed by government entities including the “Egypt Sovereign Fund,” the “General Authority for the Suez Canal Economic Zone,” the “New and Renewable Energy Authority,” and the “Egyptian Electricity Transmission Company.”

On the side of the developers, the agreements were signed by the CEO of “Bash Global” Kofi Owusu Bimpaah, the CEO of Operations at “Smart Energy” Joao Conha, Ihab Damyan representing the “Gamma Construction and Meridian Alliance,” and Bay Sung Jun and Wang Zi representing the “SK Eco Plant-C Esk North Africa Alliance,” Mohammed Tawfik representing “Tawakol Gila,” and Yahia Abu Al-Hasan, Business Development Manager for “AMM Power,” and the President of the Egypt branch of “United Energy Group” Kamil Abdul Hamid Al-Sawi.

On the sidelines of the signing, the Minister of Planning and Economic Development, Chairman of the “Egypt Sovereign Fund” Dr. Hala El-Said, said that the signing of the memoranda of understanding represents a new step for the Egyptian Sovereign Fund in a series of investment partnerships with major global companies to establish projects in the field of green hydrogen in the Suez Canal Economic Zone.

The signed memoranda of understanding with 7 developers involve expected investments of approximately $12 billion for the pilot phase, in addition to about $29 billion for the first phase, bringing the total investment to about $40 billion over 10 years.

She explained that the fund had succeeded months ago in launching the first integrated factory for the production of green ammonia in Africa and emerging markets in partnership with a number of global companies, indicating that the signing marks the beginning of investment partnerships and new projects, all of which contribute to achieving the goals of the national strategy for green hydrogen.

The Minister of Planning added that the Egyptian Sovereign Fund also seeks to promote Egypt as a regional hub for green energy, reinforcing the serious commitment by the state and all its institutions to stimulate investment in this sector, which is at the forefront of the targeted sectors within the framework of the investment incentives packages launched by the state recently, whether through the decisions of the Supreme Investment Council in May of last year or through the decisions and regulations issued in this regard.

For his part, the CEO of the Egyptian Sovereign Fund, Ayman Soliman, said: “The fund continuously and increasingly receives interest from investors in green hydrogen projects, and today’s signing reflects the growing interest of companies to join the Egyptian green hydrogen program.”