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The Sovereign Fund of Egypt has signed a framework agreement with Norway’s government pension fund and Norwegian clean energy developer Scatec, to develop renewable energy and green hydrogen projects in nine African countries
Under the agreement, the partner will target green projects in Tanzania, Ghana, South Sudan, Rwanda, Sierra Leone, Burundi, Djibouti, Uganda and the Democratic Republic of Congo.
The parties will form a coordination committee to explore potential investments in the nine countries and conduct feasibility studies before seeking to develop and finance the schemes.
Earlier in March, Egypt signed a US$5bn Memorandum of Understanding (MoU) with Scatec to develop a green hydrogen and green ammonia plant in the Suez Canal area.
The green hydrogen and ammonia facility will be located in the SCZONE in Ain Sokhna Industrial Zone and will be powered by renewable energy plants to be built in close proximity on an area of land allocated by NREA. The plant will be designed so it can be expanded up to three million tonnes a year in the future.