Singapore’s Destiny Energy to invest $210mn in green ammonia facilities in Egypt

Singapore-based Destiny Energy will invest $210mn to establish green ammonia production facilities in Egypt’s Suez Canal Economic Zone (SCZone), Amwal Al Ghad reported, citing a statement from the General Authority for Investment and Free Zones (GAFI). The project forms part of Egypt’s broader plan to become a leading exporter of low-carbon fuels.

The facilities are expected to produce 300 tonnes of green ammonia and 53 tonnes of green hydrogen per day, amounting to more than 100,000 tonnes of green ammonia annually. The announcement came after a meeting between GAFI head Hossam Heiba and Destiny Energy CEO Vijay Sirse.

Sirse said the SCZone was selected for its advanced infrastructure and access to six ports, which will support exports to European markets. The project will be powered entirely by renewable energy generated within the zone, either through new developments by the company or through local clean-energy providers.

Heiba said the initiative will help reduce the carbon footprint of Egyptian exports and support compliance with the EU’s Carbon Border Adjustment Mechanism (CBAM). Egypt is offering tax incentives of up to 55% of investment costs for clean-energy projects, recoverable over seven years, alongside access to green financing via the NWFE Platform.

Heiba added that the EU aims to import 4mn tonnes of green ammonia by 2030, positioning Egypt to capture a significant share. Egypt's ambitious renewable energy plan targets generating 42% of its electricity from renewable sources, primarily solar and wind, by 2030, with a further goal of reaching 60% by 2040.