Saudi Arabia’s Alfanar to build $4 billion green hydrogen plant in Egypt
Saudi Arabia’s Alfanar Co. signed on Thursday a preliminary agreement to set up a large-scale green hydrogen project in Egypt.
The estimated $4 billion project will be built over 4 million square metres in Ain El-Sokhna to produce 500,000 tons of green ammonia and 100,000 tons of hydrogen per year.
Alfanar has signed the agreement with the General Authority of the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA).
The deal was signed in the presence of Egyptian Prime Minister Moustafa Madbouly, Minister of Electricity Mohamed Shaker, Minister of Planning Hala al-Saeed, Minister along with Saudi officials, Faisal A. Al-Yemni, Deputy Minister of Investment, and Mazeed Al-Hoishan, Saudi Consul to Egypt.
“We have enjoyed a long-standing relationship with Egypt … Through this agreement, we will be developing a project to produce green hydrogen and green ammonia.” Sabah Al-Mutlaq, chairman of Alfanar Co, said.
Alfanar has enjoyed a strong presence in Egypt for many years through its design and energy industry, in addition to renewable energy development projects. It was one of the first companies across the globe to operate a 50-megawatt solar project in the Benban Solar Park in the Egyptian city of Aswan. The electricity generated from this solar plant currently offsets about 57,000 tons of carbon dioxide emissions per year.
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