Egypt signs 7 green energy deals to unlock over $40bln of investments
Egypt has signed seven memorandums of understanding (MOUs)with international companies for the development of renewable energy and green hydrogen projects in the Suez Canal Economic Zone (SCZONE), an official statement said.
The MOUs are expected to culminate in investments worth $12 billion for the pilot phases and $29 billion for the first phases, with total investments from all phases expected to exceed $40 billion in 10 years, according to the Arabic language statement.
The agreements were signed in the presence of Egyptian Prime Minister Mostafa Madbouly.
Signatories on the government side included General Authority for the Suez Canal Economic Zone; New and Renewable Energy Authority (NREA); The Sovereign Fund of Egypt (TSFE) and Egyptian Electricity Transmission Company (EETC).
The agreements were signed with representatives of international companies as follows:
- Kofi Owusu-Bempah, CEO and Managing Partner of UK-based Pash Global.
- Joao Cunha, Chief Operating Officer & Deputy CEO of Switzerland-based Smartenergy.
- Ihab Demian, Managing Director of Cairo-based Gama Construction representing the company’s consortium with France-based Meridiam.
- SK Eco Plant and CSCEC North Africa consortium represented by Bae Seong-Jun, vice president and head of energy business of South Korea’s SK Ecoplant and Wang Zhi, General Manager, CSCEC Egypt, a unit of China State Construction Engineering Corp.
- Mohamed H. Tawakol, Board Member of Egypt-based Gila Al Tawakol Electric.
- Yahya Abu Al Hassan, Business Development Director, Canada-based AmmPower.
- Kamel Al-Sawi, the Egypt President of Hong Kong-based United Energy Group (UEG)
Details in terms of type of projects, their capacities and specific investments weren't disclosed.