Page 16 - DMEA Week 41 2021

DMEA NEWS IN BRIEF DMEA

supplementary feedstock for the production and delivery of renewable energy projects and multilateral development institutions
of up to 90,000 metric tons green ammonia in emerging markets. New business models for financing. Required engineering and
(NH3) per annum under a long term off-take and innovation have been at the core of development, including structuring of
agreement. The Final Investment Decision is Scatec since our inception, and we see green commercial agreements for the new facility,
expected in 2022, and start-up is targeted for hydrogen as a natural part of our strategy will start imminently with a target investment
2024. and the renewable ecosystem in the years to decision in 2022 and start-up of the hydrogen
Ahmed El-Hoshy, CEO of OCI and come.” facility by 2024.
CEO of Fertiglobe, commented: “We are Ayman Soliman, CEO of TSFE, Green ammonia, produced from
pleased to partner with Scatec, a leader in commented: “We are pleased to be partnering renewable energy such as solar and wind
the global renewables market and Egypt’s up with Fertiglobe and Scatec who are instead of natural gas, is a versatile product
largest renewable power developer, to deploy pioneers in green hydrogen production, to that can help decarbonize numerous sectors
cutting edge technology at world scale to start provide a unique investment product that which represent around 80% of current
ramping up our green ammonia production creates financial returns while nurturing the global Greenhouse Gas (GHG) emissions.
profile. We are also pleased that the Sovereign green economy at large. The Sovereign Fund Ammonia is an ideal carrier fuel to store and
Fund of Egypt is participating, underlining of Egypt is a manifestation of Egypt’s 2030 transport hydrogen; it is also emerging as a
Egypt’s commitment to become a global Vision with the principles of sustainable promising zero-emission fuel for the hard-to-
leader in the renewables space. This project development and impact investment decarbonize shipping sector and is expected
adds to our existing and rapidly developing instilled in its mandate, and this project to become an important alternative fuel in the
low carbon portfolio of ammonia across our is a cornerstone investment in our green power sector in Japan and other countries.
global platform, and Fertiglobe in particular is sustainable portfolio build-up with many Fertiglobe is well-placed to benefit from
increasingly becoming the ideal springboard more to come.” this new demand for low carbon ammonia,
to capture the huge growth opportunities The parties will seek support from the in addition to the existing uses in fertilizer
offered by the hydrogen economy.” Egyptian government for required regulatory and industrial applications. Incremental
Raymond Carlsen, CEO of Scatec approvals and sourcing of competitive demand for low carbon ammonia from new
said: “We are proud to establish a strong renewable power from the grid, with the applications is currently estimated in the
partnership with Fertiglobe and the Sovereign intention to build out new solar and wind range of 8 million tons by 2025, growing to
Fund of Egypt to move the green agenda capacity to power Egypt’s green hydrogen more than 25 million tons by 2030 compared
forward in Egypt. The development of this ambitions in the years to come. The project to a current global merchant ammonia market
green hydrogen project builds on our long will be realised in close cooperation with of approximately 20 million metric tons.
experience in project development, financing, leading hydrogen technology providers OCI

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