UAE renewable energy firm Masdar and its partners Infinity Power and Hassan Allam Utilities said on Wednesday they signed a framework agreement with Egyptian state-backed organisations to develop a two gigawatt (GW) green hydrogen production project in the Suez Canal Economic Zone (SCZONE).
The Masdar-led consortium had earlier signed two Memorandums of Understating in April to develop two green hydrogen production plants, one in SCZONE and the other on the Mediterranean.
The consortium is targeting capacity of 4 GW by 2030 and output of up to 480,000 tonnes of green hydrogen a year.
Egypt is considered highly vulnerable to climate change but is a gas producer with big renewable energy potential.
In an updated submission to the United Nations this year, Egypt said it faced a $246 billion funding shortfall to meet its 2030 climate targets.
It is hoping to sign a flurry of deals including for further green hydrogen power and solar and wind projects.
Source: The Arab Weekly