Egypt’s SCZONE indicators USD 10bn in funding pacts with intl consortia

Might 16 (Renewables Now) – The sum of the potential inexperienced gasoline investments that could possibly be made below pacts signed just lately by the Suez Canal Financial Zone (SCZONE) has reached USD 10 billion (EUR 9.47bn), the entity governing the zone introduced on Sunday.

SCZONE has signed a complete of six memoranda of understanding (MOU) for the event of inexperienced hydrogen and inexperienced ammonia initiatives within the Ain Sokhna area of Egypt. The counterparties are main worldwide firms and consortia.

The autonomous physique governing the zone stated in a press release that preparations are underway to determine these initiatives in Sokhna due to its readiness as an industrial zone. The concept is to provide inexperienced gasoline and use it for ship bunkering functions or export to international markets.

The newest MOU to be introduced by SCZONE is between the consortium of France’s Complete Eren and Egypt’s Enara Capital on one facet and the Sovereign Fund of Egypt (TSFE), the Egyptian Electrical energy Transmission Firm and the New and Renewable Power Authority on the opposite. The consortium needs to provide 300,000 tonnes of inexperienced ammonia yearly within the first part of the challenge after which increase the power to achieve 1.5 million tonnes per 12 months.

As beforehand introduced, Norwegian renewable energy producer Scatec ASA (OSL:SCATC) and a few companions plan to develop a inexperienced ammonia plant within the zone with the capability to provide a million tonnes per 12 months. It might later be expanded to 3 million tonnes.

Abu Dhabi-based Masdar and its Cairo-based associate Hassan Allam Utilities intend to provide 480,000 tonnes of inexperienced hydrogen per 12 months by means of the event of as much as 4 GW of electrolysers by 2030. An official stated in April that the challenge might outcome within the manufacturing of two.3 million tonnes of inexperienced ammonia for export.

A consortium of EDF Renewables and ZeroWaste intends to provide 350,000 tonnes of inexperienced gasoline yearly to produce ships as a part of a multi-phase challenge with a complete funding potential of USD 3 billion.

On the identical time, Dubai-based AMEA Energy plans to provide 390,000 tonnes of inexperienced ammonia per 12 months for export functions.

In the meantime, Danish delivery firm AP Moller-Maersk A/S (CPH:MAERSK-A; CPH:MAERSK-B) targets the manufacturing of 480,000 tonnes of inexperienced hydrogen per 12 months, in line with SCZONE.

(USD 1.0 = EUR 0.947)

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