Aldo Labia’s CMMZE to launch production facilities in Tunisia
2024-11-23 13:52
Compagnie Maritime Monégasque Zero Emission (CMMZE), founded by maritime entrepreneur Aldo Labia, plans to break ground on projects for green hydrogen production in the MENA region in early 2025, targeting a total of 180,000 tons of green hydrogen annually.
It plans to set up additional production sites in Tunisia and Morocco and to build a large plant in the United Arab Emirates (UAE), the company said on Friday. The first hydrogen production is expected by the end of 2027 and the fuel will be exported mainly to Europe.
The new project was revealed after Aldo Labia sold its stake in the shipping sector to Asian interests for $700m (€661.75m), with fresh capital from the sale expected to support the development of hydrogen initiatives.
The hydrogen plants will use solar and wind energy in the production process. CMMZE estimates that 1.2 million MWh of electricity will be required for the targeted annual production.
The company will therefore develop renewable energy sites in Tunisia. Specifically, solar installations will be located in the Ben Guerdane region, while wind generation will take place in El Hamma. The company also plans to install 250 MW of electrolysis capacity at the port of Zarzis, Tunisia, as well as processing and storage facilities.
CMMZE said it is currently discussing long-term purchase agreements with potential European partners.
Overall, the initiative is expected to meet the growing demand for clean energy alternatives in Europe, while creating jobs in Tunisia, as well as in Morocco and the United Arab Emirates.
Tunisia to allocate $2.2bn to renewables in 2025
Tunisia plans to allocate 7.1 billion Tunisian dinars ($2.2 billion) to the development of the electricity sector in 2025, including renewable energy projects.
The country aims to increase its reliance on solar and wind energy to 35% over the next six years and reduce electricity imports from Algeria and Libya.
In the first nine months of 2024, Tunisia imported almost 14% of its electricity supply, with the rest coming from the national grid.
According to the draft finance law for 2025, the government intends to allocate 7.1 billion Tunisian dinars to support the electricity sector and guarantee sufficient subsidies to control any price increases.
The report predicts that solar and wind energy projects will enable Tunisia to produce nearly 4,850 megawatts (MW) of green electricity by 2030.
A catalyst for growth
In doing so, the large-scale development of renewable energy could catalyze economic growth in Tunisia in several ways: first, by reducing energy costs and the need for subsidies; second, by making this energy green and minimizing dependence on imported fossil fuels, thereby contributing to more balanced trade flows; and third, by attracting foreign direct investment in green industrial production and exports, thereby creating jobs and economic opportunities.
The World Bank is working closely with the Tunisian government to fully integrate the vision of a green energy transition at the heart of the country’s industrial, social and economic transformation. In addition to creating a legal and business environment conducive to attracting investors, the government must prepare the ground by ensuring that appropriate university and vocational training programs are put in place to train the new generation of young people and workers to enter sectors related to green industries.