Egypt, Belgium’s Deme Hydrogen Energy-led consortium pen green energy agreement

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Arab Finance: The New and Renewable Energy Authority (NREA) and Alexandria Port Authority have signed an agreement with an international consortium led by the Belgian Deme Hydrogen Energy NV to produce green hydrogen and its derivatives, and green ammonia in the Jarjoub area, as per a statement on June 29th.

The project will be set up with a total investment cost of €24 billion in three phases, €3 billion of which is for the first phase, Minister of Transport Kamel El-Wazir said, noting that it will be fully financed by the Belgian firm.

The project aims to produce 2 million tons of green fuel annually, meeting the energy needs of the European Union (EU) and enhancing Egypt's green energy sector.

Covering an area of 1,180 square kilometers for solar and wind energy generation, an additional land is allocated for electricity transmission and a sea dock at the Jarjoub port.

This project is expected to back Egypt's sustainable development, attract foreign investments, and contribute to global clean energy efforts by reducing carbon emissions.

This came during the Egypt-EU Investment Conference attended by President Abdel Fattah El-Sisi and the European Commission President Ursula von der Leyen, among other officials and ministers.