Agreements worth US$ 32bn have been signed with foreign companies for the construction of facilities for the production of green energy in Sokhna, Egypt. The MoUs were signed by the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company (EETC), the New and Renewable Energy Authority (NREA), and seven companies.
Prime Minister Mostafa Madbouly was present at the signing ceremony, which took place on Thursday at the Egyptian Cabinet’s headquarters.
An overview of the agreements for green energy in Sokhna
The largest of the agreement, with a USD13 billion planned investment, was signed with the Indian Acme Group, which intends to construct a facility in Sokhna to create 2.2 billion tonnes of green hydrogen annually.
Similarly, an agreement for the development of a plant that will produce 2 million tonnes of green energy annually was reached with Globaleq of the UK. The estimated investment in the project is USD11 billion.
In addition, the third agreement was signed with Alfanar which intends to set up a USD4 billion facility. This facility will have the capacity to produce 500,000 tonnes of green energy annually.
An Arab company, Alcazar, intends to construct a complex in Sokhna to produce 230,000 tonnes of green energy annually. The cost of this project is $2 billion.
The additional agreements
Another agreement was made with K&K Global Company to produce 230,000 tonnes of green hydrogen annually in Sokhna.
Additionally, an MoU with MEP Mediterranean Energy Partners proposes investments of USD 250 million in the development of a facility for the manufacture of green energy. The facility will have an annual capacity of 120,000 tonnes of green ammonia.
Actis is responsible for the seventh project. It will, therefore, build a 200,000-ton-per-year complex in Sokhna for the production of green energy from hydrogen and green ammonia. The estimated investment is around USD 1.5 billion.
Furthermore, the rush of agreements follows Egypt’s signing of six MOUs for the development of green hydrogen and green ammonia. These projects are located in the Ain Sokhna region, totaling USD 10 billion.