Australian iron ore miner Fortescue Metals Group has announced that its subsidiary Fortescue Future Industries (FFI) and the Egyptian government have signed an agreement to work together to develop green hydrogen and renewable energy projects in Egypt.
This agreement follows the memorandum of understanding signed between FFI and the New and Renewable Energy Authority, the General Authority for Suez Canal Economic Zone, the Egyptian Electricity Transmission Company and the Sovereign Fund of Egypt for Investment and Development in August this year.
The binding agreement provides FFI access and exclusive land rights to study renewable energy resources in Egypt.
The projects being considered could support a potential capacity of 7,600MW of renewable energy, which has the potential to annually produce 330 kilo-tonnes of green hydrogen.