Masdar Joins bp-led Consortium to Explore Egypt’s Mega Green Hydrogen Project
- Business Green Energy Regional World
Global Business Magazine- 5 minutes read
The UAE-based renewables giant Masdar, along with Egyptian renewable energy company Infinity Power, Hassan Allam, and global energy giant bp have agreed to set up a $15 billion green hydrogen project Under a Joint Development Agreement (JDA) in the Suez Canal Economic Zone.
As per the JDA, bp will join the existing consortium comprising of Masdar, Hassan Allam Utilities and Infinity Power to explore the potential development of a multi-phase green hydrogen (gH2) project in Egypt.
bp will act as the main developer and operator of the project on behalf of the consortium. The partners are combining their respective gH2 projects in Egypt and will also explore the potential for a single large-scale, multi-phase project for the development of gH2 and its derivatives, with a focus on exports.
The newly formed consortium has signed a Framework Agreement (FWA) with the Egyptian government to start carrying out a set of studies and activities to evaluate the technical and commercial feasibility of the project.
The FWA agreement was signed on the side lines of the Egypt-EU Investment Conference by Nader Zaki, bp’s Regional President for MENA; Karim Hefzy, Chief Operating Officer of Hassan Allam Utilities; Andreas Bieringer, Director, Green Hydrogen Business Development and Commercial, Masdar and Mohamed Ismail Mansour, Chairman of Infinity Power.
Egypt’s Prime Minister Dr Moustafa Madbouly, Egypt’s Minister of Electricity and Renewable Energy Dr Mohamed Shaker, and Egypt’s Minister of Planning and Economic Development Dr Hala El-Said, were among those present.
Asserts bp’s Commitment
Nader Zaki said that the signing coincided with their celebration of 60 years in Egypt, which reflected bp’s ongoing commitment to the country. Over the decades, they were a key supplier of energy in Egypt, consistently working to meet its increasing energy demands while supporting its endeavours for a more sustainable energy future.
“The diverse experiences of partners in energy projects present a great opportunity for regional cooperation and accessing global markets, fundamentally supporting Egypt’s energy transition plans,” Zaki added.
Masdar’s Chief Green Hydrogen Officer Mohammad Abdelqader El Ramahi said that the addition of bp to the consortium was built on the well-established existing relationship between their companies and supporting Masdar’s ambition to drive the development of green hydrogen around the world.
“We already have plans to develop green hydrogen projects in Egypt and this agreement reinforces Masdar and the UAE’s commitment to Egypt to realize its massive clean energy and green hydrogen potential, alongside our Africa renewable energy champion IPH,” he added.
Amr Allam, Co-CEO Hassan Allam Holding, said that joining forces with bp, Masdar, and Infinity Power in this consortium is a significant step towards advancing the development of green hydrogen and anchoring Egypt as a key player in this sector.
He also said that their combined local and global expertise will create economic opportunities and contribute to a cleaner and greener future for Egypt and help to decarbonize hard-to-abate sectors globally relying on fossil fuels.
Felipe Arbelaez, bp’s SVP Hydrogen and CCS said that Hydrogen has a role to play in the future of global energy and they were looking forward to work with their partners to try to unlock hydrogen’s potential in Egypt’s energy story.
Infinity Power Chairman Mohamed Ismail Mansour said that bringing another partner on board highlights the ambition of their consortium and our commitment to collaborating and innovating to bring about new green investment in Africa.
“Our track record delivering large scale projects in Egypt and across the continent will give us essential experience to help deliver on this exciting and innovative project,” he added.
