Mazghouny & Co has assisted the international player in renewable energy, Voltalia, with its framework agreement signed alongside its partner TAQA Arabic, the leading Egyptian private sector energy and utility provider, during the Egypt-EU Investment Conference 2024, which was held on 29 and 30 June 29 2024 in Cairo, with The Sovereign Fund of Egypt, General Authority for Suez Canal Economic Zone, and New and Renewable Energy Authority.
The framework agreement follows from a memorandum of understanding signed by the partners in December 2022 to develop a cluster combining green hydrogen production with renewable power generation. The project is expected to be implemented in 2 identical phases, each comprising a 500 MW electrolyser powered by more than 1.3 GW of solar and wind energy. The facility, which total investment cost is expected to reach up to USD 3.4 billion, will have a total production capacity exceeding 260,000 tonnes of hydrogen per year upon completion, and will be located at a greenfield site near Ain Sokhna port in the Suez Canal Economic Zone (SCZone) in Egypt.
Our team has assisted Voltalia with the review of the project’s framework agreement and legal assessment.
