Saudi Arabia’s Al-Fanar aims to invest $1.8bn in first phase of green hydrogen station

Saudi Arabia’s Al-Fanar aims to invest $1.8bn in first phase of green hydrogen station

Sharm El-Sheikh – Mishaal Al-Mutlaq — Chief Investment Officer at the Saudi Al-Fanar Group — revealed on Tuesday that the company will invest about $1.5-1.8bn in the first phase of the green hydrogen station to be launched in the Suez Canal Economic Zone (SCZone).

In an interview with Daily News Egypt on the side-lines of the UN Conference of Parties on Climate Change (COP27), Al-Mutlaq said that the project consists of two phases. The first phase will produce about 250,000 tonnes of green ammonia by 2025 — provided that the construction work will be completed within two years — in order to export its products to Europe, with the aim of doubling exports in 10 years.

He pointed out that the framework agreement was signed by four parties — the Egyptian Sovereign Fund, the Economic Zone, the Renewable Energy Authority, and the developer, ETC.

He added that Al-Fanar is considering the inauguration of a factory for electrical appliances in the Suez Canal to replace imports, noting that the necessary studies for the project are currently underway.

Last June, Al-Fanar signed agreements worth SAR 2bn in several fields with Egypt, including the localisation of technologies for renewable energy generation and green hydrogen production and the