Egypt’s sovereign fund inks green hydrogen deal with Scatec, Fertiglobe
The Sovereign Fund of Egypt (TSFE) signed an agreement with Norway’s Scatec and Fertiglobe plc to develop a 50-100 megawatt (MW) green hydrogen facility as feedstock for green ammonia production.
Fertiglobe plc is an ammonia producer jointly owned by the Netherlands-based OCI and Abu Dhabi National Oil Company (ADNOC),
Scatec will build and operate the facility and a long-term off-take agreement will be signed with Fertiglobe’s subsidiary Egyptian Basic Industries Company (EBIC), according to a statement on Thursday.
The facility, which will be built near EBIC in Ain Sokhna, will be majority-owned by Scatec, while the remaining interest will be distributed between TSFE and Fertiglobe. It is expected to be operational by 2024.
“We are proud to establish a strong partnership with Fertiglobe and the Sovereign Fund of Egypt to move the green agenda forward in Egypt,“ said CEO of Scatec, Raymond Carlsen.
For his part, Ahmed El-Hoshy, CEO of OCI N.V., commented: “Together we will deploy world-leading technology to ramp up our green ammonia production profile and further expand our low-carbon portfolio.”
Ayman Soliman, CEO of TSFE, said: “The Sovereign Fund of Egypt is a manifestation of Egypt’s 2030 Vision with the principles of sustainable development and impact investment instilled in its mandate, and this project is a cornerstone investment in our green sustainable portfolio build-up with many more to come.
