Amarinco's $2.8 Billion Green Hydrogen Project in Egypt Signals Major Renewable Energy Investment

French company Amarinco is set to launch a groundbreaking green hydrogen project in Tarboul, Egypt, by the end of this month. With a substantial investment of $2.8 billion, the initiative marks a significant step towards decarbonization and renewable energy development in the region.

This venture follows Amarenco Group's partnership with SolarizEgypt, announced last year, where Amarenco acquired 74% of SolarizEgypt's portfolio and committed to co-developing 300MW of assets with an estimated budget of 4 billion Egyptian Pounds ($255 million) over the next four years. Together, they have formed the joint venture "SolarizEgypt | Amarenco & Co."

By leveraging their combined expertise and knowledge, the joint venture aims to advance solar energy projects in Egypt. This strategic collaboration will enable clients to access clean and affordable electricity, enhancing their competitiveness and reducing their carbon footprint. Amarenco, with over 500 million euros invested globally in solar development, brings substantial experience, while Solarize is a well-established market leader in the industry. The partnership will drive consolidation and growth within the renewable energy sector.

Yazan Faouri, Amarenco CEO in the Middle East & North Africa, expressed commitment to investing heavily in the Egyptian market to provide cleaner, sustainable, and cost-effective electricity solutions. He highlighted Egypt's ambitious targets for renewable energy adoption and decarbonization, emphasizing the significance of such initiatives in driving the energy transition in Africa and the MENA region.

Yaseen Abdel-Ghaffar, Founder of Solarize Egypt, emphasized the value of collaborations between local and international players, combining market knowledge, financial strength, and scaling expertise. This partnership represents a milestone for the renewable sector and demonstrates a strong vote of confidence in foreign direct investment (FDI) in Egypt.

The Amarinco project not only showcases the potential of green hydrogen in Egypt but also reinforces the country's commitment to sustainable development and attracting investments that drive the transition to cleaner energy sources.