Revealed on Wednesday (June 22), the EIB is set to support Mauritania’s green hydrogen investment plans, in addition to scaling up wind and solar energy generation in order to reduce the impact of energy price shocks.

The Mauritanian President believes the country’s renewable energy potential can facilitate green hydrogen production, as well as provide cheaper energy across the country.

Mohammed Ould Ghazouani, President of the Islamic Republic of Mauritania, said, “Development of Mauritania’s huge renewable energy potential can both enhance access to affordable energy in our country and allow clean energy to be converted to green hydrogen.

“Closer cooperation with the European Investment Bank will allow Mauritania to benefit from the EIB’s unique technical experience and financial strength.”

In May (2022), Chariot and the Government of Mauritania announced that a pre-feasibility study for Project Nour, which plans to install up to 10GW of electrolysis capacity in the country had been completed.

Read more: Successful pre-feasibility study could see Mauritania become a hydrogen powerhouse

Werner Hoyer, President of the European Investment Bank, said, “The European Investment Bank is committed to supporting climate action and clean energy investment across Africa.

“Today’s (June 22) discussions with President El Ghazouani will unlock closer cooperation between the EIB and Mauritanian partners and builds on 54 years of EIB engagement in the country.

“We are committed to bring this cooperation to the next level, by harnessing Mauritania’s renewable energy potential and through our partnership through the Sahel Alliance.”

Jutta Urpilainen, European Commissioner for International Partnerships, commented, “With the joint declaration signed today (June 22) at the European Development Days, Mauritania and the European Union are strengthening their cooperation to accelerate clean energy investment, drive renewable hydrogen innovation and address global energy turmoil.

“This demonstrates how the European Union’s Global Gateway, working in a Team Europe approach, can unlock investment to harness Africa’s renewable energy potential.”