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Egypt To Witness Saudi Crown Prince And Alfanar’s Trailblazing Vision For The Energy Transition Industry | |
| Staff Writer |
Saudi Arabia’s Alfanar Global Development is set to launch a green hydrogen plant with the General Authority of the Suez Canal Economic Zone (SCZONE) as well as the Sovereign Fund of Egypt, the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA) to build a green hydrogen facility in Sokhna, an estimated $3.5 billion project will be powered by renewable energy sources and produce 500,000 tons of green ammonia from 100,000 tons of green hydrogen annually.
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“We have enjoyed a long-standing relationship with Egypt and are thrilled to partner with such esteemed organizations of national importance on this program,” the group’s chairman Sabah Al-Mutlaq said.
“Through this agreement, we will be developing a project to produce green hydrogen and green ammonia,” he adds.
The Saudi-based Alfanar operates in international markets especially in Egypt through the energy transition and green fuel projects contributing 50MW at the Benban Solar Park which in turn currently offsets around 57,000 tons of carbon dioxide emissions per year.
Mostafa Madbouly, Prime Minister of Egypt, Mohamed Shaker, Minister of Electricity and Renewable Energy, Hala Elsaid, Minister of Planning & Economic Development along with Saudi officials, Faisal A. Al-Yemni, Deputy Minister of Investment, and Mazeed Al-Hoishan, Saudi Consul to Egypt were the attendees for the meeting.