Mazghouny & Co is pleased to have advised Scatec ASA on its agreement with Fertiglobe plc, a leading ammonia producer owned by OCI N.V. and Abu Dhabi National Oil Company (ADNOC), and The Sovereign Fund of Egypt for Investment and Development (TSFE), for the joint development of a 50-100MW green hydrogen facility in Egypt, which product will be used as feedstock for green ammonia production.
The facility will be located near Fertiglobe’s subsidiary Egyptian Basic Industries Corporation (EBIC) in Ain Sokhna in Egypt, and is a first step towards developing a green hydrogen hub in Egypt. A long-term off-take agreement will be entered into with EBIC for the sale of green hydrogen, and start-up of the hydrogen facility is targeted by 2024.
Mazghouny & Co team has advised Scatec on the review of the initial project agreement and drafting of related documents. We are proud to be accompanying the Scatec team in this new partnership, which forms part of the company’s strategic initiative, “Power to X”, with the objective of enabling and realising industrial projects that contribute to reducing carbon emissions through the provision of competitive renewable energy.
The parties will be seeking support from the Egyptian government for required regulatory approvals and sourcing of competitive renewable power from the grid, with the intention to build new solar and wind capacity to power Egypt’s green hydrogen ambitions.
Ranked in the higher bands in legal directories, Mazghouny & Co team has a strong record of advising on some of the most innovative and ground-breaking transactions in the renewable energy sector in Egypt.