Arab Finance: Egypt’s National Green Hydrogen Council has approved a one-year extension to a memorandum of understanding with Saudi Arabia-based energy developer ACWA Power, extending land access for its green hydrogen and ammonia project in the East Nile region, as per a statement.

The project targets production of 66,000 tons of green hydrogen and 500,000 tons of green ammonia.

The approval came during a council meeting chaired by Prime Minister Mostafa Madbouly at the government headquarters in the New Capital on November 1.

The council also approved a request by the Indian company Accure Energy to allocate a 12-square-kilometer site in West Zafarana for a 600-megawatt solar power plant.

The plant will supply electricity to the pilot phase of the company’s green ammonia project, which targets annual production of 100,000 tons. The wider project will be developed in phases to reach a total capacity of one million tons annually.

The project approvals accompanied a broader review of the council’s work to coordinate government efforts to attract investment in green hydrogen and its derivatives. Adel said these efforts aim to meet sustainable development requirements and ensure the sector’s competitiveness in regional and international markets.

As part of that review, the council considered a proposal to formulate a comprehensive approach to the challenges facing green hydrogen project implementation, working with the relevant ministries and authorities.

Mahmoud Esmat, Minister of Electricity and Renewable Energy, presented an update on existing projects and agreements, including progress on implementing agreements signed with international companies specializing in the sector.