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Development of UAE clean energy corporation Masdar
2023-02-02
UAE's clean energy corporation Masdar and its consortium partners, Infinity Power Holding and Hassan Allam Utilities, have put pen to paper on a framework agreement with Egyptian state-backed organisations for the initial stage of a 4 GW green hydrogen production capacity in Egypt. The signing of the accord paves the way for the building of a 2 GW venture in the Suez Canal Economic Zone (SCZONE), as informed by Masdar on Wednesday. This scheme is only part of a larger project that also aims at erection of 2GW electrolysis capacity on the Mediterranean Sea which will produce 2.3 million tonnes of environmentally-friendly ammonia for both domestic use and export from both sites by 2030. When all is said and done, it is expected that a binding agreement will be signed by SCZONE, the Egyptian New and Renewable Energy Authority (NREA), The Sovereign Fund of Egypt (TSFE) as well as Egyptian Electricity Transmission Company (EETC). As per planning, the first phase of the project at SCZONE is slated to come into operations by 2026.
In April this year, Masdar and Hassan Allam Utilities had already inked two memoranda of understanding (MoU) for the development of 4 GW green hydrogen production capacity. Then last week, their consortium with Infinity announced plans for construction of a 10-GW wind complex in Egypt.
UAE's clean energy corporation Masdar and its consortium partners, Infinity Power Holding and Hassan Allam Utilities, have put pen to paper on a framework agreement with Egyptian state-backed organisations for the initial stage of a 4 GW green hydrogen production capacity in Egypt. The signing of the accord paves the way for the building of a 2 GW venture in the Suez Canal Economic Zone (SCZONE), as informed by Masdar on Wednesday. This scheme is only part of a larger project that also aims at erection of 2GW electrolysis capacity on the Mediterranean Sea which will produce 2.3 million tonnes of environmentally-friendly ammonia for both domestic use and export from both sites by 2030. When all is said and done, it is expected that a binding agreement will be signed by SCZONE, the Egyptian New and Renewable Energy Authority (NREA), The Sovereign Fund of Egypt (TSFE) as well as Egyptian Electricity Transmission Company (EETC). As per planning, the first phase of the project at SCZONE is slated to come into operations by 2026.
In April this year, Masdar and Hassan Allam Utilities had already inked two memoranda of understanding (MoU) for the development of 4 GW green hydrogen production capacity. Then last week, their consortium with Infinity announced plans for construction of a 10-GW wind complex in Egypt.