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Fertiglobe wins $431m green ammonia supply bid

12 July 2024

Abu Dhabi-listed Fertiglobe won the first tender by H2Global to supply green hydrogen-derived ammonia from Egypt to the European Union.

Fertiglobe is the sole winner of the first trio of tenders in the first auction round, which was funded entirely by the German government.

Fertiglobe will receive €391m ($431m) for its proposal and secured a green ammonia offtake deal with H2Global affiliate Hydrogen Intermediary Network Company (Hintco).

Fertiglobe and Egypt Green Hydrogen, the project company led by Norway's Scatec that is developing an integrated green hydrogen and ammonia project in the North African country, announced signing a 20-year ammonia offtake agreement on 11 July.

The Egypt Green Hydrogen project was first announced in 2021.

Scatec, Fertiglobe and the local Orascom Construction are developing the project in partnership with The Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company.

At the time, Scatec and its partners agreed to develop, build, own, and operate a 100MW electrolyser facility to produce renewable hydrogen to be used as feedstock for the production of renewable ammonia at Fertiglobe’s existing ammonia plant in Ain Sokhna, Egypt.

Scatec said the project will be powered by about 270MW of solar and wind power capacity and deliver approximately 13,000 tonnes of renewable hydrogen and up to 74,000 tonnes of renewable ammonia annually.

It said the next important milestones for the project are to select the electrolyser supplier and complete the project financing process.

The European Bank for Reconstruction and Development (EBRD), European Investment Bank (EIB), Germany’s development finance institution and KfW subsidiary DEG, British International Investment (BII), and US International Development Finance Corporation (DFC) are providing competitive financing to support the project.

The partners expect to reach financial close in the first half of 2025.

Scatec is the lead developer and majority sponsor of Egypt Green Hydrogen with an ownership share of 52%. It will also provide engineering, procurement and construction services in collaboration with Orascom Construction.

Scatec will also provide operation and maintenance and asset management services for the project alongside key technology providers and project partners, the company said.

Related reads:

Photo credit: Scatec

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Jennifer Aguinaldo

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