Alfanar announces $3.5bln Egyptian green hydrogen project

Alfanar announces $3.5bln Egyptian green hydrogen project

Alfanar Global Development has announced a $3.5 billion project to produce 100,000 tons of green hydrogen per year in Egypt.

The company, which is headquartered in Saudi, has signed an MoU with Egyptian authorities, as well as the Sovereign Fund of Egypt, to develop the facility in Sokhna, which is in the Suez Governate on the western shore of the Red Sea Gulf of Suez.

Chairman Sabah Al-Mutlaq said: “We have enjoyed a long-standing relationship with Egypt and are thrilled to partner with such esteemed organisations of national importance on this program.

“Through this agreement, we will be developing a project to produce green hydrogen and green ammonia.”

Alfanar’s past renewable projects include being one of the first companies to operate a 50MW solar project in the Benban Solar Park in the Aswan region of Egypt, offsetting 57,000 tons of carbon dioxide emissions per year, the company said.

(Reporting by Imogen Lillywhite; editing by Seban Scaria)

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