- Actis signs MoU with the Egyptian government.
- Actis considers the development of the green hydrogen market in Egypt.
The hydrogen industry in Egypt attracts new investors. The global asset size of at least $19 billion is held by the British juggernaut Actis. The investment firm is mainly involved in the energy sector in Africa and is currently interested in learning more about Egypt’s emerging but already incredibly vibrant green hydrogen market. A Memorandum of Understanding between Actis and the Egyptian government has been inked.
“The MoU will give Actis an entry point into what could be one of the largest hydrogen markets in the Middle East and North Africa (MENA) region. Although not alone in its pursuit of green hydrogen, Egypt has a comparative advantage due to its renewable resources and proximity to European and Asian markets,” says the London, UK-based company.
Actis has joined a group of investors who have recently agreed to generate hydrogen and its byproducts, including green ammonia, with the Egyptian government. Companies, including ReNEW Power in India, Acwa Power in Saudi Arabia, Total Eren in France, Masdar in the United Arab Emirates, and EDF Renewables in France, will temporarily place their green hydrogen production units in the Suez Canal economic zone.
Actis claims there are now some limitations on the creation of green hydrogen. These costs are currently greater than hydrogen production from fossil fuels and include the price of electrolysis equipment and power generated from renewable sources. However, for several years now, Africa has seen a steady decline in the price of producing renewable energy. And Egypt is now one of the continent’s leading clean energy producers, with a solar and wind power strategy.