1–30
Stand up
PMO live. HyperHybrid evidence. Offtake template. Map 90–95 of P&L capital to phases. Advisor tender. Permit register.
The decision
Controls sit inside FEED. Offtake and execution lead.
The 2% loan supports signed volumes, renewable-fuel access, and the Class 3/4 capital check.
| Risk | Severity | Mitigation |
|---|---|---|
| Offtake / price | Priority | 60–70% of years 10–20 under SPA. HyperHybrid first. |
| Execution / ramp | Priority | EPC lots with damages. DRI gated on offtake and certification. |
| Storage / capital | Priority | Site batteries versus pumped storage. The €149bn is reviewed in FEED. |
| Technology | Medium | Vendor selection, water and desalination, hydrogen safety. |
| Europe rules | Medium | RFNBO certification and steel standard on the FEED path. |
| Currency | Med–low | Euro books. The 64→30 pound path is an assumption to test. |
| Financing | Medium | Hold leverage near 10%. Export credit and development finance by phase. |
Ninety days to a FEED mandate. Then nine to twelve months of FEED.
The decree approves the budget and the programme office for the FEED path.
31–60
Basis
FEED basis of design. EPC map. Storage study terms. Certification engagement. Phase-1 funding. Keep the loan near 10%.
61–90
Pack
Bankability model: discounted cash flow, debt cover, currency. Three steel-premium cases. Risk close-out. Investment paper for the FEED budget.
Decree articles
The case is confirmed. The decree places these four items in the term sheet. Signing them completes the FEED mandate.
01
Sovereign mandate
A named sovereign entity, with a Cabinet mandate for the licence, Sector A land, and the Law 2 sponsor.
02
OEM and HyperHybrid
One OEM platform under a technical licence that meets the assembler tests. Hybrid classification in writing.
03
Methanol sale contracts
Contracts that make renewable-fuel certificates a delivery condition, and pre-certification on the FEED path.
04
Development-finance paper
Interest-only, then a 50-year sculpt, at least 70% external, with operations inside five years of the Law 2 agreements.
Invited to join the corporation
The decree confirms GNAEC as the corporation that executes, and invites these partners to join it for the bankable FEED.
Europe
Engineering, technology and industrial execution.
China
Equipment, technology and industrial execution.
International and GCC investors
International investors, and investors from the Gulf Cooperation Council, taking equity in the corporation.
Banks and institutions
Major Egyptian and international banks and institutions, for debt, guarantees and long finance.
The decree authorizes bankable FEED.
The case holds: €184.7bn capital, €2.38tn sales, €18.2bn loan. Execution and offtake run inside the FEED path.
- 01Ninety-day mandate and a PMO.
- 02EGSVMC and European renewable-fuel offtake sprint.
- 03Class 3/4 storage study.
- 04Hold leverage near 10%.
Score 9/10 in Feasibility Study G. Status: ready for decree.
Feasibility Study G and the P&L. September 2026. Planning figures. Payback is simple revenue payback, not a discounted cash flow. The 64→30 pound path is a model assumption, not a forecast.