Norwegian renewable energy producer Scatec ASA (OSL:SCATC) has secured a EUR 30 million grant from Germany’s PtX Development Fund to help finance its Egypt Green Hydrogen project.
This is the first grant approved by the fund, which was established by the German Federal Ministry for Economic Cooperation and Development and KfW, and is managed by KGAL.
Located in Ain Sokhna, Suez Governorate, the Egypt Green Hydrogen project is being developed by Scatec, which is the lead equity investor and provider of EPC services, in partnership with Fertiglobe, The Sovereign Fund of Egypt, and Orascom Construction. The project is expected to cost around EUR 500 million in total.
Once fully operational, the facility will feature a 100-MW electrolyser powered by 260 MW of solar and wind energy.
In 2022, Fertiglobe signed a 20-year offtake agreement for 100% of the hydrogen produced, which will be used for green ammonia production. That same year, the project received backing from the European Bank for Reconstruction and Development (EBRD).
