Egypt’s SCZone establishes new investment company to localise green energy industries

Egypt’s SCZone establishes new investment company to localise green energy industries

Sharm El-Sheikh - Head of the Suez Canal Economic Zone (SCZone) Walid Gamal Al-Din revealed on Tuesday on the side-lines of the UN Conference of Parties on Climate Change (COP27) that the zone is currently establishing a new company to invest in the projects being implemented in the zone.

He explained that the new company’s goal will focus on calling the complementary industries for green energy such as solar panels, electric turbines, and maintenance to localise green industrial technology in Egypt.

He also pointed out that the zone witnessed today the signing of framework agreements to implement eight cooperation protocols in the field of green hydrogen, green ammonia, and renewable energy in general worth billions of dollars, pointing out that the authority signed 15 preliminary agreements earlier, eight of which were activated on Wednesday.

Gamal Al-Din added that the most prominent companies that were signed with them are Elsewedy Electric, the Saudi Al Fanar, Irwena of India, Globeca of the UK, and Scatec of Norway, noting that there are a total of eight alliances.

Additionally, he said that the first stage of production will provide 3-4 GW of green fuel — whether ammonia or hydrogen — from 2023 to 2026.

He also announced that seven