Alfanar has signed a memorandum of understanding (MoU) with the General Authority of the Suez Canal Economic Zone (SCZone), the Sovereign Fund of Egypt (TSFE), the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA) aiming to develop a green ammonia facility in Sokhna, Egypt.
The $3.5 billion project will use renewable energy sources and produce 500,000 tonnes of green ammonia from 100,000 tonnes/year of green hydrogen.
The agreement was signed in the presence of Prime Minister of Egypt Mostafa Madbouly, along with several ministers and some Saudi officials.
Alfanar has enjoyed a strong presence in Egypt for many years through its design and energy industry and renewable energy development projects. Alfanar was one of the first companies across the globe to operate a 50MW solar project in the Benban Solar Park in the Aswan region of Egypt. The electricity generated from this solar plant currently offsets around 57,000 tonnes of carbon dioxide emissions per year.
Sabah Al-Mutlaq, Chairman of the Board of Directors of Alfanar Global Development, said, “We have enjoyed a long-standing relationship with Egypt and are thrilled to partner with such esteemed organizations of national importance on this program. Through this agreement, we will be developing a project to produce green hydrogen and green ammonia.”