{"id":73672,"date":"2022-08-29T02:00:42","date_gmt":"2022-08-29T02:00:42","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2022\/08\/29\/suez-canal-zone-inks-green-projects-worth-nearly-usd-32-bn\/"},"modified":"2022-08-29T02:00:42","modified_gmt":"2022-08-29T02:00:42","slug":"suez-canal-zone-inks-green-projects-worth-nearly-usd-32-bn","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2022\/08\/29\/suez-canal-zone-inks-green-projects-worth-nearly-usd-32-bn\/","title":{"rendered":"Suez Canal Zone inks green projects worth nearly USD 32 bn"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>Egypt\u2019s green hydrogen drive has drawn another <\/strong><strong>U<\/strong><strong>SD 32 bn in investment pledges: <\/strong>Egypt\u2019s <a href=\"https:\/\/sczone.eg\/\">Suez Canal Economic Zone<\/a> (SCZONE) signed seven memoranda of understanding (MoUs) worth at least USD 31.75 bn to set up green hydrogen and ammonia production facilities, <a href=\"https:\/\/sczone.eg\/sczone-signs-new-7-mous-for-green-energy-production\/\">it said in a statement<\/a>. <strong>The plants will have a combined annual production capacity of around 5.5 mn tons<\/strong>, with fuel set to be exported abroad and sold to the shipping industry, the statement said. The push towards investing in green hydrogen comes as the government looks to capitalize on investment momentum in green energy in the lead-up to COP27 in Sharm El Sheikh this November.<\/p>\n<p><strong>Who was involved? <\/strong>The MoUs were signed between SCZONE, the Sovereign Fund of Egypt (TSFE), Egyptian Electricity Transmission Company (EETC) and New and Renewable Energy Authority (NREA), and seven companies from the UK, Saudi Arabia, the UAE, and India.<\/p>\n<p>The breakdown of the agreements and investments are as follows<strong>:<\/strong><\/p>\n<ul>\n<li><strong><a href=\"https:\/\/www.acme.in\/\">India\u2019s ACME Group<\/a><\/strong> will build a <strong>USD 13 bn<\/strong> hydrogen production plant with a total capacity of 2.2 mn tons annually;<\/li>\n<li>UK-headquartered <strong><a href=\"https:\/\/www.globeleq.com\/\">Globeleq<\/a><\/strong> is set to establish a <strong>USD 11 bn<\/strong> green fuel production plant with an annual production capacity of 2 mn tons;<\/li>\n<li>Saudi company <strong><a href=\"https:\/\/www.alfanar.com\/\">Al Fanar<\/a><\/strong> wants to build a <strong>USD 4 bn<\/strong> green fuel production facility with a capacity of 500k tons per annum;<\/li>\n<li>UAE\u2019s <strong><a href=\"https:\/\/alcazarenergy.com\/\">Alcazar<\/a><\/strong> is looking at constructing an industrial complex for green fuel production with a total production capacity of 230k tons annually, at an investment value of <strong>USD 2 bn<\/strong>;<\/li>\n<li>Our friends at the <strong><a href=\"https:\/\/www.act.is\/\">UK\u2019s Actis<\/a><\/strong> will establish green fuel production plants worth <strong>USD 1.5 bn<\/strong> with a production capacity of 200k tons annually;<\/li>\n<li>Egypt-based <strong><a href=\"https:\/\/medenergypartners.com\/\">Mediterranean Energy Partners<\/a><\/strong> will invest <strong>USD 250 mn<\/strong> to establish a green ammonia plant with a production capacity of 120k tons per year;<\/li>\n<li>The UAE\u2019s <strong><a href=\"https:\/\/kkpower.ae\/\">K&K Group<\/a><\/strong> is set to build a green hydrogen production plant of a yearly capacity of 230k tons, but details about the investment value were not disclosed.<\/li>\n<\/ul>\n<p><strong>What\u2019s next: <\/strong>The companies will now begin conducting feasibility studies on the plants, the statement says.<\/p>\n<p><strong>What is the region as a whole doing in the field of green hydrogen? <\/strong>The MENA region is projected to be the world\u2019s largest supplier of green hydrogen in the coming years with the region accounting for the highest number of export-oriented low carbon hydrogen projects, <a href=\"https:\/\/www.cebcmena.com\/ACTIVITIES\/NEWS\/harnessing-low-carbon-hydrogen-potential-in-the-mena-region\">according to in-house research<\/a> by the Abu Dhabi-based <a href=\"https:\/\/www.cebcmena.com\/\">Clean Energy Business Council<\/a>. The region has seen a significant ramp up in green and blue hydrogen projects from 11% in 2020 to 89% in 2021, the report says.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Egypt\u2019s green hydrogen drive has drawn another USD 32 bn in investment pledges: Egypt\u2019s Suez Canal Economic Zone (SCZONE) signed seven memoranda of understanding (MoUs) worth at least USD 31.75 bn to set up green hydrogen and ammonia production facilities, it said in a statement. The plants will have a combined annual production capacity of [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":73673,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[269],"tags":[40,11,39,260,151,159,337,661,52,78],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-73672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-green-hydrogen","tag-egypt","tag-enterpriseclimate","tag-green-hydrogen","tag-india","tag-investment-watch","tag-saudi-arabia","tag-sczone","tag-suez-canal","tag-uae","tag-uk","wpautop","entry"],"acf":{"mongo_id":"291deece-f594-411e-9c53-6bb6156efd7d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/253.jpg","photo_position":"above","related_issue":[73669],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Suez Canal Zone inks green projects worth nearly USD 32 bn - Climate<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/climate\/2022\/08\/29\/suez-canal-zone-inks-green-projects-worth-nearly-usd-32-bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Suez Canal Zone inks green projects worth nearly USD 32 bn\" \/>\n<meta property=\"og:description\" content=\"Egypt\u2019s green hydrogen drive has drawn another USD 32 bn in investment pledges: Egypt\u2019s Suez Canal Economic Zone (SCZONE) signed seven memoranda of understanding (MoUs) worth at least USD 31.75 bn to set up green hydrogen and ammonia production facilities, it said in a statement. 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