Fortescue Future Industries (FFI) and Egypt have signed a framework agreement, agreeing to jointly study and develop green hydrogen and renewable energy projects in the country. The projects being considered could support a potential renewable power capacity of 7,600 MW, with the potential to produce 330 kt/year of green hydrogen. The binding agreement provides FFI access and exclusive land rights to study renewable energy resources in Egypt, including solar and wind.
The framework agreement was signed by FFI, an affiliate of the Australian iron ore group Fortescue Metals Group, and the Egyptian Government, represented by New and Renewable Energy Authority (NREA), the General Authority for Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC) and the Sovereign Fund of Egypt for Investment and Development (TSFE).