COP27: GLOBELEQ stands for Green Hydrogen Framework Agreement with the Government of Egypt

11/21/2022, 4,842 characters

SHARM EL SHEIKH, Egypt and LONDON, May 22 /PRNewswire/ — Globeleq, Africa’s leading independent energy company, has signed a framework agreement with the Suez Canal Economic Zone Authority (SCZONE), the Egyptian sovereign investment fund. and Development (Egypt’s Sovereign Fund for Investment and Development, TSFE), the New and Renewable Energy Agency (NREA) and the operator of the Egyptian Transport System (EETC) to develop a large-scale green hydrogen plant in the Suez Canal Economic Zone.

The signing ceremony took place at the twenty-seventh Conference of the Parties (COP27) in Sharm El-Sheikh, in the presence of Dr. Mohamed Shaker Al-Marqabi (Minister of Electricity and Renewable Energy) and Dr. Hala Al-Saeed (Minister of Planning and Economic Development) and Dr. Rania Al-Mashat (Minister of International Cooperation), Eng. Tariq Al-Mulla (Minister of Petroleum and Natural Resources), and His Excellency the British Ambassador to the Arab Republic of Egypt, Gareth Bailey, OBE.

Globeleq will design, finance, build, own and operate the green hydrogen project as lead developer and investor. It will be developed in three phases over the next 12 years and will include a total of 3.6 GW of electrolyzer powered by up to 9 GW of solar and wind power. The first phase also includes a pilot project that will produce 100,000 tons per year of green ammonia from hydrogen, mainly for export to Europe and Asia for use in fertilizers, and is expected to start operating in the period 2026-2027. Other potential uses of green hydrogen, including green fuels, will be considered in the medium and long term once they become economically viable.

Egypt’s unique geographic location at the crossroads of Africa, Europe and Asia, and the fact that about 13% of world trade flows through the Suez Canal, enables Egypt to become an international hub for green energy.

Globeleq has been investing in Egypt since 2003 and currently owns the ARC Renewable Energy SAE solar power plant in the Benban solar park near Aswan. Globeleq wants to support the country’s ambitious strategy to combat climate change by developing new projects in the fields of photovoltaics, wind energy, battery storage, seawater desalination and green hydrogen in Egypt.

Globeleq CEO Mike Schooley stated: “Intensifying the green hydrogen sector is essential to decarbonizing our world. However, producing green hydrogen is technically and economically challenging. But with this project, Globeleq will demonstrate how hydrogen can be produced sustainably and at scale using Renewable energies We are pleased to be able to support the Egyptian government in its ambitious goals.”

Walid Gamal El Din, SCZONE Chairman, commented, “Signing the framework agreement with Globeleq is a continuation of our commitment to implementing Egypt’s vision of transitioning towards a green economy. The Egyptian government is planning an ambitious energy transition and active steps are being taken to make the Pacific Special Economic Zone a major green hydrogen hub. This partnership reflects the private sector’s interest in investing in such projects by selecting the Special Economic Zone Authority as a site for investing in green hydrogen and green fuels to serve the African and international markets.

Ayman Suleiman, CEO of the Egyptian Sovereign Fund, emphasized, “This major achievement represents an important milestone in Egypt’s environmental strategy, and was only possible thanks to the determination of all the country’s supporters and the partners’ belief in Egypt’s potential as a green hydrogen major hub. Egypt has made tremendous efforts to develop a program green hydrogen and made impressive progress in this field in just a few months.Signing the binding agreement is a testament to TSFE’s ability to play its role as a magnet for private investment in strategic sectors.It is in line with TSFE’s strategy to decarbonize by sustainable means that benefits the economy and positions Egypt as a regional energy hub green.”

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