CAIRO--(BUSINESS WIRE)--In line with its mission to pioneer the energy transition industry, 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. The $3.5 billion project will use renewable energy sources and produce 500,000 tons of green ammonia from 100,000 tons of green hydrogen per year.
The agreement was signed in the presence of His Excellency Mostafa Madbouly, Prime Minister of Egypt, Mohamed Shaker, Minister of Electricity and Renewable Energy, Hala Elsaid, Minister of Planning & Economic Development along with a number of Saudi officials, including Mr. Faisal Al-Yemni, Deputy Minister for Investment, and Mr. Mazyad Al-Hoishan, Saudi Consul in Egypt.
Sabah Al-Mutlaq, Chairman of Board of Directors of Alfanar Global Development stated, “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.”
Alfanar has enjoyed a strong presence in Egypt for many years through its design and energy industry as well as 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 tons of carbon dioxide emissions per year.
About Al Fanar:
Today, Alfanar is a prominent global player in energy transition and green fuel with ambitious renewable energy projects across Saudi Arabia, United Kingdom, Spain, India, and Egypt. It is currently developing a pioneer project to produce green aviation fuel from waste in the United Kingdom, and aspires to continue its active participation in the new and renewable energy industry, whether with its industrial arm among the major manufacturers of wind turbines in the Asia, or by expanding the development of wind and solar energy projects in Egypt.