Egypt’s Green Fuel Market Surges as TSFE and ACWA Power Ink Historic $4 Billion Agreement

Matouk Bassiouny & Hennawy (MBH) acted as the Egyptian legal counsel to the TSFE Infrastructure & Utilities Sub Fund (TSFE) in connection with the negotiation of a framework agreement with ACWA Power, a Saudi-listed joint stock company, to develop a project worth more than USD 4 billion in Egypt. The project comprises facilities, including renewable energy power plants and a green hydrogen/green ammonia manufacturing facility, aimed at promoting Egypt’s Green Fuel market.

The framework agreement was signed in the presence of the Egyptian Prime Minister, Mostafa Madbouly, and the Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker El-Markabi, in the New Administrative Capital. The MBH team advising on the project was led by Mahmoud Bassiouny (Regional Managing Partner and Group Head of Finance & Projects) and included Amgad Nagy (Associate).

Key Aspects of the Framework Agreement

The agreement outlines the development of a large-scale Green Hydrogen facility, with the following features:

  • The first phase of the green hydrogen project will have a potential capacity of 2 million tonnes per year.
  • The second phase will have a potential capacity of 4 million tonnes per year.
  • The project will be powered by renewable energy sources, aligning with Egypt’s commitment to promoting green energy and reducing carbon emissions.

This project marks a significant step in Egypt’s efforts to develop its green fuel market and transition to sustainable energy sources. It also highlights the growing interest in green hydrogen as a key component of Egypt’s energy strategy.

The Role of ACWA Power

ACWA Power, a global developer of water, power, and green hydrogen projects, has played a crucial role in the development of this project. The company has signed a framework agreement with the Sovereign Fund of Egypt (TSFE), the Suez Canal Economic Zone (SCZone), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA). This latest project brings the total number of ACWA Power’s assets in operation, under construction, and in advanced development in Egypt to 5, all of which are renewable energy projects.


The framework agreement between TSFE and ACWA Power marks a significant milestone in Egypt’s efforts to develop its green fuel market and promote sustainable energy sources. As Egypt continues to invest in renewable energy projects and green hydrogen facilities, it is expected that the country will play a leading role in the emerging green fuel market. The collaboration between the Egyptian government, ACWA Power, and other stakeholders will undoubtedly contribute to the country’s economic growth and its commitment to a sustainable future.

The framework agreement between The Sovereign Fund of Egypt (TSFE) and ACWA Power is of significant importance for the development of Egypt’s green fuel market. The agreement, worth more than USD 4 billion, outlines the development of a large-scale green hydrogen project, with the first phase having a potential capacity of 2 million tonnes per year and the second phase potentially reaching 4 million tonnes per year. This project is a key step in promoting Egypt’s green fuel market and its commitment to sustainable energy sources. ACWA Power, a prominent developer of power generation and green hydrogen projects, has played a crucial role in this agreement, further expanding its green hydrogen portfolio. The collaboration between TSFE and ACWA Power, along with other stakeholders, is expected to contribute significantly to Egypt’s economic growth and its transition to a more sustainable energy landscape.