Egypt: ASA Green Hydrogen Project Secures EUR 30M Grant
Renewable energy firm Scatec has secured EUR 30 million in financing from German green hydrogen financing vehicle PtX Development Fund to develop the ASA Green Hydrogen Project in Egypt. The grant represents the first approved by the PtX Development Fund since its establishment and will partially finance the EUR 500 million project. Leveraging 260 MW of solar and wind capacity, the 100 MW plant will provide feedstock for the production of green ammonia.
Renewable energy firm Scatec has secured EUR 30 million in financing from German green hydrogen financing vehicle PtX Development Fund to develop the ASA Green Hydrogen Project in Egypt. The grant represents the first approved by the PtX Development Fund since its establishment and will partially finance the EUR 500 million project. Leveraging 260 MW of solar and wind capacity, the 100 MW plant will provide feedstock for the production of green ammonia.
Chemical industry company Fertiglobe, the Sovereign Fund of Egypt and engineering firm Orascom Construction are project partners, while Fertiglobe serves as the project’s off-taker. Karim Badawi, Egypt’s Minister of Petroleum and Mineral Resources, said the deal marks a milestone in cooperation between the country and international partners to advance green hydrogen adoption. Adding to this, Scatec CEO Terje Pilskog, said that the grant is “a testament to the maturity of the project and reaffirms the broad support we have for this project.”
Source Link : https://energycapitalpower.com/egypt-asa-green-hydrogen-project-secures-eur-30m-grant/
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