Singapore’s Destiny Energy eyes USD 210 mn green ammonia project in SCZone

Singaporean renewables developer and investor Destiny Energy plans to develop a USD 210 mn green ammonia and hydrogen production facility in the Suez Canal Economic Zone (SCZone), according to a statement from the General Authority for Investment and Freezones (Gafi). The project has a targeted production capacity of 53 tons of green hydrogen and 300 tons of green ammonia a day.

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Where the massive amount of renewable energy used to fuel production will come from is TBC. The facility is set to be powered by yet-to-be-installed wind and solar capacity, which will be provided by either Destiny itself or another renewable company through an unspecified arrangement.

It’s projects like these that will help Egyptian industry remain competitive under the EU’s Carbon Border Adjustment Mechanism, Gafi CEO Hossam Heiba said. The bloc’s carbon border tax will come into full effect at the start of 2026, meaning that notoriously energy-intensive sectors like fertilizer, cement, steel, and aluminum will have to look toward green ammonia and other ways to reduce their emissions to lower the carbon levy.

Fresh enthusiasm for green hydrogen and ammonia is good to see, considering recent investor cold feet. Concerns about a lack of demand for the fuel source, the high costs of borrowing in Egypt, and insufficient power grid infrastructure have meant that of the 32 MoUs amounting to some USD 175 bn worth of investments signed as of June last year, less than five projects have gone beyond the feasibility stage.