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FinancialNews
14-06-21
Egypt to invest USD4B in a project to generate green hydrogen gas
(MENAFN)The Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker declared that Egypt is aiming to invest USD4 billion in a project to generate green hydrogen gas through water electrolysis.
The minister further stated that the project is currently in the viability studies stage, in consultation with the Sovereign Fund of Egypt and a group of concerned ministries, and will be introduced coming week.
An area of over 7,000 sq. km was owed for renewable energy production projects in Egypt, from which it can manufacture about 90,000 megawatts (MW).
The Ministry of Electricity and Renewable Energy marked a goal for 42 percent of the total energy produced in Egypt to be sourced from renewables by 2035. By the end of 2021, it will have increased the total to 20 percent, a year ahead of schedule.
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