Swiss firm Smartenergy could invest USD 1 bn in Egypt green hydrogen plant

Swiss firm in talks with gov’t for green hydrogen plant: Switzerland-based energy investment firm Smartenergy is close to reaching an agreement with authorities to establish a USD 1 bn green hydrogen facility, Asharq Al Awsat reports, citing sources it says have knowledge of the matter. Company CFO Rene Cotting reportedly confirmed that a green hydrogen agreement between the company and the government is “imminent,” without giving further details.

This would be the firm’s first project outside of Europe:Founded in 2011, Smartenergy invests in solar, wind, and hydrogen projects. The company focuses on late stage development, ready-to-build, and operational assets, and has projects in Switzerland, Germany, Italy, Spain and Portugal, according to its website.

We’re going big on green hydrogen: The government signed framework agreements for nine green hydrogen plants worth USD 83 bn on the sidelines of last year’s COP27 climate summit and has at least one more agreement in the works. Ministers in May approved a package of incentives aimed at stimulating the nascent industry and increasing FX inflows.