Egypt is planning to invest up to $4 billion in a project to generate green hydrogen via electrolysis, according to a report in Arab News, citing the Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker.
The project is currently in the feasibility studies stage, in consultation with the Sovereign Fund of Egypt and a group of concerned ministries, and will be presented next week.
Shaker said that an area of more than 7,000 sq. km has been allocated for renewable energy production projects in Egypt, from which it can produce about 90,000 megawatts (MW).
The Ministry of Electricity and Renewable Energy has set a goal for 42% of the total energy produced in Egypt to be sourced from renewables by 2035. By the end of this year, it will have achieved 20%—a year ahead of schedule.
Egypt is also home to the Benban solar park, one of the largest solar power plants in the world, with a total capacity of 1,465 MW.