PRESS RELEASE: GLOBELEQ signs green hydrogen framework agreement with Egyptian government at COP27

SHARM EL SHEIKH, Egypt and LONDON, Nov.

PRESS RELEASE: GLOBELEQ signs green hydrogen framework agreement with Egyptian government at COP27

SHARM EL SHEIKH, Egypt and LONDON, Nov. 21, 2022 /PRNewswire/ -- Globeleq, Africa's leading independent power utility, has signed a framework agreement with the Suez Canal Economic Zone (SCZONE) General Authority, the Egyptian Sovereign Fund for Investment and Development (TSFE), the New and Renewable Energy Authority (NREA), and the Egyptian Electricity Transmission Company (EETC), to jointly develop a large-scale green hydrogen facility within Suez Canal Economic Zone.

The signing ceremony took place at the 27th Conference of the Parties (COP27) in Sharm El Sheikh, in the presence of Dr. Mohamed Shaker El-Markabi (Minister of Electricity and Renewable Energy), Dr. Hala H. Elsaid (Minister of Planning and Economic Development), Dr. Rania Al Mashat (Minister for International Cooperation) and Engineer Tarek El Molla (Minister for Petroleum and Mineral Resources), as well as the British Ambassador to the Arab Republic of Egypt, H.E. Gareth Bayley, OBE.

Globeleq, as the lead developer and investor, will develop, finance, build, own and operate the green hydrogen project. Over the next 12 years, it will be developed in three phases, with a total of 3.6 GW of electrolysers powered by up to 9 GW of solar PV and wind power. The first phase will consist of a pilot project that will produce 100,000 tonnes/year of green ammonia from hydrogen, mainly intended for export to Europe and Asia for use in fertilizers, and is expected to come online in 2026-27. In the medium and long term, other possible end uses of green hydrogen will be studied, including green fuels, once they are commercially viable.

Egypt's unique geographical situation, at the crossroads of Africa, Europe and Asia and with about 13% of world trade flowing through the Suez Canal, places the country in a strategic position to become a global hub for green energy.

Globeleq has been investing in Egypt since 2003 and currently owns the ARC for Renewable Energy S.A.E photovoltaic solar plant, located in the Benban solar park near Aswan. Globeleq aims to support the country's ambitious strategy to tackle climate change by developing new solar PV, wind, battery energy storage, seawater desalination and green hydrogen projects in Egypt.

Mike Scholey, CEO of Globeleq, said: "Scaling up the green hydrogen sector is absolutely essential to decarbonise our world, but green hydrogen production is both technologically and commercially challenging, but through this project Globeleq will show how hydrogen can be sustainably produced on a large scale through renewable energy. We are delighted to support the Government of Egypt in its ambitious journey."

Waleid Gamal Eldien, Chairman of SCZONE, mentioned: "The signing of the Framework Agreement with Globeleq is a continuation of our commitment to implement Egypt's vision in the transformation towards a green economy. The Government of Egypt has an ambitious energy transition plan, and active steps are being taken to make SCZONE a major green hydrogen hub.This partnership reflects the interest of the private sector in investing in these types of projects, as they choose the SCZONE as a destination for investment in green hydrogen and green fuels, to serve both the African and world markets."

Ayman Soliman, CEO of the Sovereign Fund of Egypt, commented: "This great success marks an important milestone for Egypt's green strategy and has only been possible thanks to the persistence of all government sponsors and the partners' belief in the Egypt's potential as a green hydrogen hub.Egypt has put enormous effort into developing its Green Hydrogen Program and has made incredible progress reaching this phase in a matter of months.The signing of this binding agreement is a testament to the ability of TSFE to fulfill its role of attracting private investment to strategic sectors. It is in line with TSFE's decarbonization strategy using sustainable means that benefit the economy and position Egypt as a regional green energy hub."

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