Saudi-based Alfanar, a pioneer in energy transition, will develop a $3.5bn green ammonia facility in Sokhna using renewables and produce 500,000 tonnes of green ammonia from 100,000 tonnes of green hydrogen per year.
In line with the Middle East Green Initiative launched by Crown Prince Mohammed bin Salman, 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).
The agreement was signed in the presence of Mostafa Madbouly, Prime Minister of Egypt, Mohamed Shaker, Minister of Electricity and Renewable Energy, Hala Elsaid, Minister of Planning and Economic Development along with Saudi officials, Faisal A. Al-Yemni, Deputy Minister of Investment and Mazeed Al-Hoishan, Saudi Consul to Egypt.
Alfanar’s green hydrogen initiative
Sabah Al-Mutlaq, Chairman of the 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 organisations of national importance on this programme. 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 tonnes of carbon dioxide emissions per year.