Voltalia, Taqa Arabia ink deal for 1 GW of green H2 in Egypt

Voltalia SA (EPA:VLTSA) on Monday said it has sealed a framework agreement with Taqa Arabia to move ahead with a project that will deploy gigawatts of electrolysis and renewable energy capacity in Egypt.

The pact with the Egyptian arm of Abu Dhabi National Energy Company PJSC (TAQA) was signed during the Egypt-EU Investment Conference 2024 and follows a Memorandum of Understanding (MoU) from end-2022 that outlined plans for the joint development of green hydrogen and renewable generation projects.

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According to the statement, the French renewable power plants operator and its partner will build the massive complex on a greenfield site near Ain Sokhna port in the Suez Canal Economic Zone. They intend to install the proposed electrolysis capacity in two 500-MW phases. Each stage will be able to produce more than 350,000 tonnes of green hydrogen annually using electricity from more than 1.3 GW of solar and wind parks.

“The project will enhance Egypt's energy security by becoming less reliant on fossil fuels and achieving sustainable development goals,” said Sebastien Clerc, CEO of Voltalia.