In a significant development for Egypt's clean energy ambitions, the country and France have inked a milestone €7 billion agreement to develop a large-scale green hydrogen and ammonia production complex on the Red Sea coast near Ras Shokeir. The ambitious project, orchestrated by a private-sector consortium involving EDF Renewables and Zero Waste, alongside the General Authority for Red Sea Ports and the New and Renewable Energy Authority, aims to establish Egypt as a significant player in the green fuel export market. This agreement, a result of French President Emmanuel Macron's recent visit to Egypt, covers the complete development, financing, construction, and operation of the futuristic facility. Notably, the private sector consortium will solely finance and implement the project, freeing the Egyptian government from direct financial commitments and infrastructure duties. The project will unfold in three phases and is anticipated to reach an annual green ammonia production capacity of up to 1 million tonnes by 2029. The initial phase, requiring a €2 billion investment, aims to produce 300,000 tonnes of green ammonia per year. Key figures including EDF Renewables Chairwoman Beatrice Buffon and Zero Waste Chairman Amr El-Sawaf, along with Egyptian energy officials, formally signed the agreement. The total investment across all three phases is estimated at €7 billion, entirely funded by the project company. The project aligns with Egypt's efforts to localize the green hydrogen industry and enhance its environmental practices on regional and global fronts. The massive facility will be powered by solar and wind energy generated on a 368 sq. km land plot in Ras Shokeir, with additional space allocated for the industrial plant. Infrastructure like an export jetty, transmission corridor, and seawater desalination unit will also be established. Through a 50-year cost recovery plan, the Egyptian state stands to gain from licensing fees, export duties, and taxes, all paid in US dollars. The project is expected to create numerous job opportunities, with a focus on local labor, and drive the manufacturing of green energy components. Moreover, the initiative supports Egypt's climate commitments, offering sustainable alternatives for energy and industry. It presents strategic advantages like providing green fuel for ships in the Suez Canal and developing a new Red Sea port, all while ensuring no fiscal burden on the Egyptian government.