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Infinity Group, led by Egyptian billionaire Mohamed Mansour, has reached a strategic agreement with key Egyptian state-backed institutions to develop a two-gigawatt (GW) green venture in the Suez Canal Economic Zone (SCZONE).
The framework deal was inked by Infinity Group and its consortium partners, Masdar and Hassan Allam Utilities, and it followed a previous agreement reached in April with Egyptian businesses to establish two green hydrogen production plants in Egypt, one in the SCZONE and one on the Mediterranean.
The recent agreement, reached on the sidelines of Egypt’s COP27 climate summit, will boost ties between the UAE and Egypt, as the two countries increase their commitment to producing zero-carbon energy solutions.
This comes as Egypt aims for renewables to account for 42 percent of its energy mix by 2035, and Egyptian authorities are said to be revising the country’s renewable energy policy to incorporate green hydrogen.
Following the delivery of the electrolyzer facilities in the SCZONE and the Mediterranean, the consortium will advocate for the capacity to be increased to 4GW by 2030, as it will create 2.3 million tonnes of green ammonia for export and supply green hydrogen to local industry.
Infinity Power Chairman Mohamed Mansour reacted to the arrangement, stating the company is honored to be working on its first-ever green hydrogen project as part of a collaboration with Masdar and Hassan Allam Utilities.
He went on to say that once completed, the initiative will help Egypt position itself as a Green Fuel Hub, moving the country further on its path to becoming a green economy.
Aside from his renewable energy initiatives, the renowned businessman has revealed that one of his companies, Al Mansour Automotive, is set to create 15,000 electric vehicles in Egypt over the next three to five years.
The company, which is the world’s largest GM dealer and Caterpillar Inc.’s fifth-largest distributor, will also import and market five Cadillac EV models by 2025.
