Fortescue Future Industries (FFI) has signed a Memorandum of Understanding (MoU) to look into the possibility of developing green hydrogen production in Egypt.
The MoU was signed between FFI, New and Renewable Energy Authority (NREA), The General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and The Sovereign Fund of Egypt for Investment and Development (TSFE).
FFI President Middle East North Africa, Moataz Kandil said the move marked “a significant step” towards lowering emissions and progressing green energy projects in the region.
“FFI is looking forward to working with the Arab Republic of Egypt on this new venture, as well as our shared commitment to delivering social, environmental and economic benefits,” Mr Kandil said.
FFI’s Julie Shuttleworth noted that Egypt has the potential to become a global powerhouse in the green energy value chain.
“Egypt’s excellent hydropower, wind, and solar resources can generate the renewable energy required to produce large-scale green electricity, green hydrogen, and green ammonia both for export and to decarbonise Egyptian industry,” she concluded.
According to FFI’s statement, the company is interested in developing large-scale renewable energy projects in Egypt, “subject to the outcome of the studies”.
