French renewable energy company Voltalia has signed a framework agreement to develop over 2.5GW of solar PV and wind capacity in Egypt to support green hydrogen production.
The deal was signed with Egyptian engineering company Taqa Arabia during the Egypt-EU Investment Conference held between the EU and Egyptian governments last week. It builds on a memorandum of understanding signed in 2022 to pursue green hydrogen and renewable energy developments in Egypt.
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The project will be developed in two phases, each consisting of a 500MW hydrogen electrolyser powered by 1.3GW of solar PV and wind generation capacity. It will be developed on a greenfield site in the Suez Canal Economic Zone.
“Egypt has promising opportunities to enhance its regional leadership in green hydrogen production and export within the country’s plans for green transformation,” said Sebastien Clerc, CEO of Voltalia. “This landmark project will contribute significantly to Egypt’s transition to a green sustainable economy. The project will enhance Egypt’s energy security by becoming less reliant on fossil fuels and achieving sustainable development goals.”
Reporting from the EU-Egypt Investment Conference has emphasised the role that green hydrogen production has played in the proceedings. Reuters reported that EU firms have struck deals potentially worth over €40 billion at the conference, with an emphasis on Egypt’s strategic location for exporting renewable energy.
In October last year, PV Tech Premium looked into how feasible it is to export power from North Africa to Europe, following a number of plans.
Voltalia is building off a successful financial year in 2023, where it “exceeded” its targets. A large part of that is from its solar PV business, and the decision to divest a number of solar and battery energy storage system (BESS) projects which it said shored it up against low solar module prices.
The company recently announced plans to construct a 130MW PV project in Tunisia, expanding its presence in North Africa which is increasingly becoming a strategic region for European energy players.
