Home » Egyptian multimillionaire Hassan Allam’s company is planning to build green hydrogen plants in Egypt

Egyptian multimillionaire Hassan Allam’s company is planning to build green hydrogen plants in Egypt

by Mfonobong Nsehe
Hassan Allam

Hassan Allam Utilities in Egypt and Masdar, a renewable energy group based in the UAE, have signed a memorandum of understanding to develop hydrogen production plants in Egypt as part of the government’s Intended Nationally Determined Contributions (INDCs) aimed at decarbonizing the energy sector.

Hassan Allan Utilities is the investment and development division of Hassan Allam Holding, a privately held engineering, construction, and infrastructure firm led by Egyptian businessman Hassan Allam.

The MoU was signed with the SCZone, Egypt’s Sovereign Wealth Fund, Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA).

The green hydrogen production plants will be located in the Suez Canal Economic Zone and along the Mediterranean coast, with a total annual output of 480,000 tonnes of green hydrogen.

The two plants, which will have a total electrolyzer capacity of four gigawatts by 2030, will help to strengthen the UAE-Egypt strategic partnership in renewable energy and green hydrogen.

The new project, which is expected to strengthen Egypt’s role in climate action, is part of a larger effort to offset up to 4,000 tonnes of CO2 per year.

This comes nearly a week after Hassam Allam Holding was awarded a contract to build a 5MW solar photovoltaic plant in Sharm El-Sheikh, Egypt. This came after Egypt, Africa’s second-largest economy, committed to incorporating 42 percent renewable energy into its energy mix by 2030.

Hassan Allam Holding is one of the largest privately held corporations in Egypt, the Middle East, and North Africa, with more than 80 years of experience.

Egyptian tycoon Hassan Allam is in charge of the conglomerate’s over 15 subsidiaries, which operate in three divisions: engineering and construction, engineering and construction, and alternative energy and utilities.

Since its inception, Hassan Allam has concentrated its investment and development efforts on sustainable infrastructure, primarily in renewable energy, water, logistics, and mobility, as well as social infrastructure assets.

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