Scatec Signs Equity Agreement to Advance Egypt's Obelisk Green Hydrogen Project

en.Wedoany.com Reported - Scatec ASA has signed a strategic equity agreement with Fertiglobe, Orascom Construction, and the Sovereign Fund of Egypt to jointly advance the "Obelisk" green hydrogen project located in the Suez Canal Economic Zone. The project aims to use renewable energy to produce green hydrogen and further manufacture green ammonia, helping Egypt become a global clean energy hub.

The agreement defines the project's equity structure: Scatec will hold a majority stake and serve as the lead developer, while Fertiglobe will act as the primary off-taker of the green ammonia produced, securing product demand. The facility will be powered by dedicated solar and wind power plants, producing carbon-free hydrogen through water electrolysis, providing clean solutions for hard-to-abate industries such as heavy industry and shipping.

This collaboration combines Scatec's global renewable energy development experience with the local advantages of Orascom and the Sovereign Fund of Egypt, accelerating the project's transition from pilot to large-scale industrial development. The advancement of Egypt's green hydrogen project demonstrates the active role of developing countries in the global energy transition.