Alfanar, Saudi company develops a project for green hydrogen production
In line with the ‘Middle East Green Initiative’ launched by HRH The 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), aiming to develop a green ammonia facility in Sokhna.
The US$ 3.5bn 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 a high-ranking Egyptian Government delegation led by Mostafa Madbouly, Prime Minister of Egypt; Mohamed Shaker, Minister of Electricity and Renewable Energy; Hala Elsaid, Minister of Planning & Economic Development, along with Saudi officials, Faisal A. Al-Yemini, Deputy Minister of Investment, and Mazeed Al-Hoshan, the Saudi Consul to Egypt.
“Through this agreement, we will be developing a project to produce green hydrogen and green ammonia,” commented Sabah Al-Mutlaq, Chairman of Board of Directors, Alfanar Global Development.
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.