Sharm El-Sheikh – Mishaal Al-Mutlaq — Chief Investment Officer at the Saudi Al-Fanar Group — revealed on Tuesday that the company will invest about $1.5-1.8bn in the first phase of the green hydrogen station to be launched in the Suez Canal Economic Zone (SCZone).
In an interview with Daily News Egypt on the side-lines of the UN Conference of Parties on Climate Change (COP27), Al-Mutlaq said that the project consists of two phases. The first phase will produce about 250,000 tonnes of green ammonia by 2025 — provided that the construction work will be completed within two years — in order to export its products to Europe, with the aim of doubling exports in 10 years.
He pointed out that the framework agreement was signed by four parties — the Egyptian Sovereign Fund, the Economic Zone, the Renewable Energy Authority, and the developer, ETC.
He added that Al-Fanar is considering the inauguration of a factory for electrical appliances in the Suez Canal to replace imports, noting that the necessary studies for the project are currently underway.
Last June, Al-Fanar signed agreements worth SAR 2bn in several fields with Egypt, including the localisation of technologies for renewable energy generation and green hydrogen production and the implementation of IT projects, data centres, cybersecurity, and digital solutions.
Al-Fanar establishes projects for the generation and transmission of energy, including renewable energy. It is currently operating a 50 MW solar energy project at the Benban Solar Energy Complex in Aswan.