FFI cements Egyptian relationship
Thursday, November 17th, 2022
Green energy developer Fortescue Future Industries (FFI) has signed a major Framework Agreement with Egypt at COP27, to collaborate on studying and developing green hydrogen and renewable energy projects in Egypt.
FFI said this week that the agreement was another milestone in the strong relationship between Fortescue and the Egyptian government and builds upon a memorandum of understanding signed earlier this year, and a recent meeting between President Abdel Fattah El-Sisi and FFI founder and executive chairperson Dr Andrew Forrest.
The binding agreement provides FFI access and exclusive land rights to study renewable energy resources in Egypt, which would include solar and wind.
The projects being considered could support a potential capacity of 7 600 MW of renewable energy, which has the potential to produce 330 Kt a year of green hydrogen.
“Energy projects are vital, as they align with the government’s strategy to transform Egypt into a global renewable energy hub,” Egyptian Prime Minister Mostafa Madbouly said, adding that “a big company like FFI showing interest in the Egyptian market underscores the attractiveness of the investment climate in Egypt, as well as its capabilities in the renewable energy field”.
FFI CEO Mark Hutchinson said the project would bring jobs and economic growth to Egypt.
“There is no more important time nor platform to make this announcement than at COP27, where FFI has had a significant presence.”
FFI President Middle East North Africa Moataz Kandil said the Framework Agreement laid the groundwork for Egypt to begin harnessing its excellent natural resources and generating the renewable energy required to produce large-scale green hydrogen and green ammonia.