Scatec, partners make progress with green H2 project in Egypt
- Norwegian eco-friendly power manufacturer Scatec ASA (OSL: SCATC) and its companions have actually gotten government authorization to discover the temporary procurement of electrical power from the grid for a green hydrogen plant that will be constructed in Egypt.
The Egyptian Cabinet on Thursday approved the request made by Scatec as well as its partners-- regional building business Orascom and also The Sovereign Fund of Egypt (TSFE), in order to quicken the execution of the project ahead of the COP 27 summit that will happen in the Arab nation in November.
The partners plan to source electrical energy from the grid only in the first phase of the project until they build their very own renewables capacity. As quickly as their green power plant browses the web, it will feed right into the grid the amount of electrical power that was eaten for the production of hydrogen prior to its commissioning.
Scatec revealed in October a collaboration to construct a green hydrogen plant in Ain Sokhna in the Suez Governorate with a capacity of 50 MW to 100 MW. The hydrogen will be used to generate green ammonia that will certainly be provided to an unit of Fertiglobe plc. New solar and wind capacity will be developed out in the years ahead to power the electrolyser at the website.
A financial investment choice for the project need to be made in 2022 as well as commercial procedure is set to start in 2024.