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The Chief Investment Officer of Saudi Al-Fanar Group revealed that the company will invest approximately $1.5-1.8 billion for the first phase of the green hydrogen station, which will be launched in the SCZONE, Suez Canal Economic Zone.
Al-Mutlaq stated that the project consists of two parts during an interview on the sidelines of COP27. Al-Mutlaq stated that the first phase will generate approximately 250,000 tonnes of green ammonia by the year 2025, provided that construction work is completed in 2 years. The second phase will allow the company to export its products into Europe with the goal of doubling exports within 10 years.
He noted that four parties signed the framework agreement – the Economic Zone, the Renewable Energy Authority, the Egyptian Sovereign Fund, and the developer, ETC.
Al-Fanar and Egypt signed an agreement of SAR 2 billion last June. These included the localization of technologies for green hydrogen production and renewable energy generation, among others.
Al-Fanar develops energy projects, including those for renewable energy. The company currently operates a 50-MW solar energy project at Aswan’s Benban Solar Energy Complex.