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Australia-based Fortescue Future Industries (FFI) has signed a Memorandum of Understanding (MoU) to explore renewable energy and green hydrogen production in Egypt.
The MoU was signed last week between FFI, New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and The Sovereign Fund of Egypt for Investment and Development (TSFE).
FFI’s Chief Executive Julie Shuttleworth said “Egypt has the potential to become a global powerhouse in the green energy value chain. Egypt’s excellent hydropower, wind and solar resources can generate the renewable energy required to produce large scale green electricity, green hydrogen and green ammonia both for export and to decarbonise Egyptian industry”.
Egypt expects to finalise green hydrogen projects worth $10 billion by year end and estimates investments in green hydrogen projects to touch $41.5 billion by 2030 and exceed $81.6 billion thereafter.
Early this year, Fortescue had proposed a ‘substantial’ ready to deploy green hydrogen project to Omani authorities.
(Writing by Sowmya Sundar; Editing by Anoop Menon)
