Scatec will receive a grant worth €30m ($33m) to partially finance its planned Egyptian green hydrogen project worth €500m ($549m).
The Norwegian firm agreed on the financing with the PtX Development Fund, which was established by the German Federal Ministry for Economic Cooperation and Development and KfW and managed by KGAL. This represents the first grant approved by the fund.
Scatec plans to develop, build, own and operate renewable energy projects across four continents, with 4.7GW in operation and under construction, according to the company’s statement.
Terje Pilskog, Scatec CEO, claimed, “This achievement is a testament to the maturity of the project and reaffirms the broad support we have for this project.”
In 2021, Scatec and Fertiglobe unveiled plans for a 50-100MW hydrogen facility in Ain Sokhna, Egypt, with the aim of having it operational this year.
Read more:500MW-100MW hydrogen plant plans unveiled for Egypt
In November 2021, Scatec reportedly selected Plug Power to provide an electrolyser for the green hydrogen facility.
H2 View understands the 100MW PEM electrolyser would enable Scatec to convert the produced hydrogen into green ammonia.
Read more:Egypt to gain hydrogen boost with Plug Power providing an 100MW electrolyser
KGAL has a history in backing green hydrogen projects. Last month (September), the organisation announced it would invest in PtX Development’s green hydrogen project in Lubmin, Germany, which has a planned total capacity of over 1GW.
Read more: KGAL backs planned 1GW hydrogen project in Lubmin
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