The Egyptian government signed a “framework agreement to develop a green hydrogen project in the Suez Canal Economic Zone” with the Saudi company ACWA Power on Wednesday, December 20, 2023, at the Cabinet Administrative Headquarters in the New Administrative Capital, in the presence of Prime Minister Dr. Mostafa Madboulyand Marco Arcelli, CEO of ACWA Power Saudi Arabia.

Under this agreement, a work plan has been put in place to develop the first phase of the green hydrogen project. The project will operate with an annual production capacity of 600,000 tons of green ammonia, with investments of 4 billion dollars. There is also the possibility of developing a second phase with a production capacity of 2 million tons per year.

The CEO of ACWA considered Egypt to have the potential to become one of the world’s largest producers of green hydrogen, and he also expressed his gratitude for this agreement because the Egyptian market is a promising one for the production of green hydrogen as a fuel of the future, and it will be exported to Europe and the world.

After this agreement, the number of projects of ACWA Power Company operating in the fields of renewable energy in the Egyptian market has increased to five, whether in operation or operating.