Norwegian renewable power producer Scatec ASA has secured a €30 million (USD 32.9 million) grant from Germany's PtX Development Fund to partially finance its Egypt Green Hydrogen project.
This marks the first grant approved by the fund, which was established by the German Federal Ministry for Economic Cooperation and Development, managed by KfW, and overseen by KGAL.
The Egypt Green Hydrogen project, situated in Ain Sokhna in the Suez Governorate, is being developed by Scatec as the lead equity investor and EPC services provider.
It partners with Fertiglobe, The Sovereign Fund of Egypt, and Orascom Construction, with a total capital expenditure estimated at around €500 million.
Once fully operational, the green hydrogen production facility will feature a 100-MW electrolyser powered by 260 MW of solar and wind capacity. In 2022, Fertiglobe signed a 20-year offtake agreement to purchase 100% of the site's output, which will be utilized in the production of green ammonia.
The project also received backing from the European Bank for Reconstruction and Development (EBRD) in the same year.
