Fortescue Future Industries (FFI), the subsidiary of Australian iron ore company Fortescue Metals Group (FMG), announced that it signed a Memorandum of Understanding (MoU) with the New and Renewable Energy Authority (NREA), the general authority for the Suez Canal Economic Zone (SCZONE), Egyptian Electricity Transmission Company (EETC), and the Sovereign Fund of Egypt for development of renewable energy and green hydrogen production in Egypt.

FFI’s Chief Executive Julie Shuttleworth stated that Egypt owned abundant hydropower, wind, and solar resources, which can generate the renewable energy required to produce large-scale green electricity.

Egypt expected to complete hydrogen projects worth US$10 billion by the end of this year.