Egypt has inked seven memorandums of understanding (MOUs) with global companies for the advancement of renewable energy and green hydrogen ventures in the Suez Canal Economic Zone (SCZONE), as per an official statement.
The MOUs are anticipated to result in investments amounting to $12 billion for the pilot phases and $29 billion for the initial phases, with total investments exceeding $40 billion over the next decade.
The agreements were endorsed in the presence of Egyptian Prime Minister Mostafa Madbouly and involved entities like the General Authority for the Suez Canal Economic Zone, New and Renewable Energy Authority (NREA), The Sovereign Fund of Egypt (TSFE), as well as Egyptian Electricity Transmission Company (EETC).
The partnering international companies include Pash Global (UK), Smartenergy (Switzerland), Gama Construction and Meridiam consortium (France), SK Eco Plant and CSCEC North Africa consortium (South Korea and China), Gila Al Tawakol Electric (Egypt), AmmPower (Canada), and United Energy Group (Hong Kong). Detailed information on project types, capacities, and specific investments remains undisclosed.
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