Egypt signs $40 Billion Worth MOUs for green hydrogen, renewable energy projects
1 March 2024
Egypt signed seven Memoranda of Understanding (MoUs) in green hydrogen and renewable energy with seven global developers with expected investments worth $41 billion over ten years, the Egyptian Government announced.
Hala Al-Saeed, Egypt’s minister of Planning and Economic Development, stated that these agreements mark a significant milestone for the Sovereign Fund of Egypt (TSFE) in its collaborative investments with prominent global companies. The primary objective is to establish green hydrogen projects within the Suez Canal Economic Zone.
Al-Saeed further explained that the agreements are projected to bring in investments of $12 billion for the pilot phase and an additional $29 billion for the first phase, resulting in a total investment of $41 billion over the course of ten years.
Additionally, the scope of these agreements encompasses diverse projects, including the production of green hydrogen, green ammonia, and renewable energy.
In October 2023, Mohamed Shaker, minister of Electricity and Renewable Energy, said the private sector in Egypt is working on renewable energy projects valued at $4.4 billion. Moreover, these projects aim to increase Egypt’s renewable power capacity to 10,000 megawatts by 2025.
Related
-
SkyWorld acquires Batu Kawan land for affordable housing project
11 July 2025
-
Morocco begins Casablanca airport expansion works
10 July 2025
-
Iraq shortlists 10 global bidders for Baghdad Airport PPP redevelopment project
10 July 2025
-
TCL Solar joins forces with AU Solar and Madina Solar in Pakistan
10 July 2025
-
VINCI Construction and Colas Rail secure €100m contract in Chile
10 July 2025
-
Nigeria weighs urgent replacement for crumbling bridges to Lagos island
10 July 2025