Germany's state-backed Power-to-X Development Fund, managed by KGAL, is facilitating investment decisions for mature renewable hydrogen projects in select countries to promote environmental and social development goals. The fund awarded €30mn to an Egyptian project for renewable ammonia production and is currently inviting applications for the second round until March 2023. Thomas Engelmann, the fund's managing director, highlighted the eligibility criteria, including the importance of the project's feasibility, technological readiness, and source of renewable power. The fund aims to support projects that can demonstrate both ecological and social transformation, focusing on reducing greenhouse gas emissions, replacing fossil fuels, creating jobs, and ensuring a just transition. The fund emphasizes the need for projects to conduct intensive environmental and social impact assessments based on World Bank standards. Additionally, it seeks projects that can reach financial close within a reasonable timeframe and have the potential for scalability. By supporting projects that align with these criteria, the fund aims to contribute to sustainable and viable renewable energy initiatives. The fund's grant of €30mn per project acts as a financial bridge to support banks and sponsors, mitigating risks and uncertainties. Project evaluation is guided by European Union state aid law and focuses on assessing the project's economic viability and positive impact. The fund also encourages local value creation by targeting offtakers within the participating countries. Reflecting on the submissions from round one, the fund recognized the importance of clarifying its objectives to avoid misunderstanding. The fund's commitment to adhering to international standards and promoting sustainable projects positions it as a valuable partner for developers seeking to advance renewable hydrogen initiatives.