Another green hydrogen project incoming? Indian construction, engineering, and manufacturing firm Rana Group is looking to set up a green hydrogen project in Egypt with investments totaling USD 12 bn over the life of the project, according to a statement.

But that’s not all: Rana also wants to work with the Egyptian government to start manufacturing EVs and providing satellite services to aid the agriculture, mining, and energy sectors in Egypt as part of its plan to expand into Africa.

Egypt loves green hydrogen: Renewable energy and especially green hydrogen targets have been central to the economic strategy for President Abdel Fattah El Sisi’s third term, which outlines plans to turn Egypt into a regional hub for green hydrogen production by 2026 and a global hub by 2030. The country aims to produce 3.2 mn tons of green hydrogen per year by 2029 and 9.2 mn tons per year by 2040.

We have a whole lot of green hydrogen projects incoming: Last month Egypt inked seven MoUs with international and local companies to develop green hydrogen and renewable energy projects worth USD 41 bn in the Suez Canal Economic Zone over the next ten years.

Even more: Egypt inked framework agreements worth a combined USD 83 bn during 2022’s COP27 in Sharm El Sheikh with international companies to construct nine green hydrogen and ammonia facilities in the SCZone. The facilities would collectively produce up to 7.6 mn tons of green ammonia and 2.7 mn tons of hydrogen a year when fully operational.

To help bring in investors: Companies that implement green hydrogen projects within five years will receive tax breaks of 33-50% on income and pay no VAT on raw materials, plant and machinery bought for the plants.

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