UK’s Globeleq Conducts Technical & Feasibility Studies on New Green Hydrogen Project in Egypt Worth $600M

Egypt Country Director of UK’s Globeleq, Ghada Darwish, availed that the company has been recently conducting technical and feasibility studies to launch its new hydrogen project in Egypt.

Under the auspices of Egypt’s Prime Minister, Globeleq signed last August an agreement with the New and Renewable Energy Authority (NREA), the General Authority for Suez Canal Economic Zone (SCZONE), the Sovereign Fund of Egypt for Investment and Development (TSFE), and the Egyptian Electricity Transmission Company (EETC), to jointly develop a large-scale green hydrogen facility in the Suez Canal Economic Zone.

In an exclusive statement to Amwal Al Ghad magazine, Ghada revealed that the company plans to launch this project in the SCZone with initial investments worth $600million, as Globeleq is currently communicating with the other parties to reach the final agreement about this project. Darwish also highlighted that Globeleq would immediately launch the project after reaching the final agreement.

The project will be developed over three phases, generating a total of 3.6 GW of electrolyzes and around 9 GW of solar and wind power generation. The project will initially focus on green ammonia fertilizers, but other potential end-uses of green hydrogen will be considered in the medium and longer term, including green fuels.

Under the MOU, Globeleq will establish a green hydrogen facility on an area of 10 million sqm at the SCZONE. The plant is set to begin operations in 2026, with an annual production capacity of up to 2 million tons.

On the other hand, she highlighted that Globeleq has been keenly planning to expand its investments in Egypt, as the Egyptian economy proved its resilience. Globeleq also mulls investing in the renewable energy sector, referring to the company’s existing project in the Benban Solar Park, Aswan.

Globeleq is a leading independent power producer, mainly in Africa that had set an expansion plan.