{"id":616135,"date":"2024-02-29T00:00:00","date_gmt":"2024-02-29T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements\/"},"modified":"2024-02-29T00:00:00","modified_gmt":"2024-02-29T00:00:00","slug":"egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/02\/29\/egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements\/","title":{"rendered":"Egypt inks USD 41 bn worth of green hydrogen and renewable energy agreements"},"content":{"rendered":"

Over<\/strong>USD 40 bn could be poured into green hydrogen projects: <\/strong>Egypt has inkedseven 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, according to a statement<\/a> from the cabinet.<\/p>\n

Per the agreement,<\/strong> some USD 12 bn will be deployed during the pilot phase, while USD 29 bn willbe invested in the first phase of development.<\/p>\n

Who\u2019s involved? <\/strong>The MoUs were signed with London-based PASH Global<\/a>, Switzerland\u2019s Smart Energy<\/a>, South Korea\u2019s SK ecoplant<\/a>, Canada-based AmmPower<\/a>, China\u2019s United Energy Group<\/a>, and Egypt\u2019s Gila Al Tawakol Electric<\/a> and Gama Construction<\/a>. The statement did not disclose how much each agreement was worth or detail the project proposed.<\/p>\n

This bodes very well for the country\u2019s green hydrogen ambitions: <\/strong>Renewable energy andespecially green hydrogen targets have been central to the economic strategy for President Abdel Fattah El Sisi\u2019s third term, which outlines plans to turn Egypt into a regional hub for green hydrogen<\/a> 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.<\/p>\n

What is being done to draw in investment? <\/strong>Companies that implement green hydrogen projects within five years will receive tax breaks of 33-50%<\/a> on income and pay no VAT on raw materials, plant and machinery bought for the plants, according to the law ratified by President Abdel Fattah El Sisi last month<\/a>. Details for the long-awaited national green hydrogen strategy look close to being finalized, after the Supreme Council of Energy approved<\/a> a national strategy on Tuesday. <\/p>\n

Remember: <\/strong>Egypt inked framework agreements worth a combined USD 83 bn<\/a> during 2022\u2019sCOP27 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.<\/p>\n

The story also got the attention of the int\u2019l press:<\/strong>Reuters<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Some USD 12 bn is allocated pilot phase, with the remaining USD 29 bn allotted for the the first phase<\/p>\n","protected":false},"author":1,"featured_media":616136,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","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":[7207],"tags":[93,72,254,150,151],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-616135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-enterpriseam","tag-green-hydrogen","tag-renewable-energy","tag-renewables","wpautop","entry"],"acf":{"mongo_id":"6a033678-0ac6-4fac-b245-7d9b9e33cca8","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/2\/2833.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt inks USD 41 bn worth of MoUs to build green hydrogen and renewable energy projects in SCZone","related_issue":[616130],"teaser":"Some USD 12 bn is allocated pilot phase, with the remaining USD 29 bn allotted for the the first phase","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/2\/.67ac4f43-8c59-4400-8740-645d6b17929b.mp3"},"yoast_head":"\nEgypt inks USD 41 bn worth of green hydrogen and renewable energy agreements - EnterpriseAM Egypt<\/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\/egypt\/2024\/02\/29\/egypt-inks-usd-41-bn-worth-of-green-hydrogen-and-renewable-energy-agreements\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt inks USD 41 bn worth of green hydrogen and renewable energy agreements\" \/>\n<meta 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The facilities would collectively produce up to 7.6\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/252.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612373,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/acwa-power-to-set-up-a-usd-4-bn-green-hydrogen-plant-in-sczone\/","url_meta":{"origin":616135,"position":3},"title":"Acwa Power to set up a USD 4 bn green hydrogen plant in SCZone","author":"enterpriseam admin","date":"21 December 2023","format":false,"excerpt":"The project first phase of the project will have a production capacity of 600k tonnes of green ammonia","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/12\/1392.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":626360,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/07\/01\/egypt-inks-eur-67-7-bn-worth-of-agreements-and-mous-at-egypt-eu-investment-conference\/","url_meta":{"origin":616135,"position":4},"title":"Egypt inks EUR 67.7 bn worth of agreements and MoUs at Egypt-EU Investment Conference","author":"enterpriseam admin","date":"1 July 2024","format":false,"excerpt":"Green hydrogen investments brought in the most","rel":"","context":"In "Investment Watch"","block_context":{"text":"Investment Watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/investment-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/1898.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559281,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/17\/siemens-puts-pen-to-paper-for-high-speed-electric-rail\/","url_meta":{"origin":616135,"position":5},"title":"Siemens puts pen to paper for high-speed electric rail","author":"enterpriseam admin","date":"17 January 2021","format":false,"excerpt":"The USD 23 bn high-speed electric rail network moved one step closer to becoming reality on Thursday after Siemens CEO Joe Kaeser and the Transport Ministry signed an MoU confirming the German conglomerate\u2019s involvement in the first phase of the project, according to a cabinet statement. 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