EBRD to finance green H2 project in Egypt with USD-80m loan
Author: EBRD. License: All rights reserved.
November 16 (Renewables Now) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday that it will extend a USD-80-million (EUR 76.9m) loan to the owners of Egypt’s first green hydrogen facility to support its ongoing development in Ain Sokhna.
The project in question, called Egypt Green, is owned by a partnership between ammonia producer Fertiglobe plc, Norwegian renewables developer Scatec ASA (OSL:SCATC), The Sovereign Fund of Egypt (TSFE) and Orascom Construction plc (EGX:ORAS). They just recently announced the start of the commissioning of the project’s first phase.
The consortium expects to make a Final Investment Decision (FID) in relation to the full-scale plant of 100 MW next year. Once fully realised, the electrolysers at the site will use 260 MW of solar and wind power to produce some 15,000 tonnes of green hydrogen. Fertiglobe intends to use the hydrogen generated by Egypt Green to produce up to 90,000 tonnes of green ammonia per year.