Scatec ASA’s Egypt Green Hydrogen project has signed an agreement with the PtX Development Fund for a grant of 30 million euros for partial financing of the project, which has an estimated total capex of €500 million.

The project, which is being developed by a consortium of Scatec, Fertiglobe, Orascom Construction, The Sovereign Fund of Egypt (TSFE), and the Egyptian Electricity Transmission Company (EETC) secured a green ammonia offtake agreement with Hintco in Germany in July 2024. The agreement was secured through the first H2Global pilot auction for renewable ammonia, funded by Germany's Federal Ministry for Economic Affairs and Climate Action (BMWK).

The PtX Development Fund has been established by the German Federal Ministry for Economic Cooperation and Development (BMZ) and KfW, and managed by KGAL, with the aim to support Power-to-X projects in developing and emerging countries. This is the first grant approved by the fund. BMZ has entrusted KfW with €270 million of funds to support Power-to-X markets in developing and emerging countries.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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