The agreement marked another addition to ACWA’s green hydrogen portfolio. (Source: Shutterstock)
Saudi Arabia-based ACWA Power said Dec. 20 it signed a deal with Egypt to develop a green hydrogen project in Egypt as part of a $4 billion investment.
The framework agreement, which followed a memorandum of understanding signed in 2022, lays out plans to develop a green ammonia project with a capacity of 600,000 tonnes per year, ACWA said in a news release. Hydrogen for the project will be produced using wind and solar energy. Plans are to work on a larger green hydrogen project in Egypt with a potential capacity of up to 2 million tonnes per year, the company said.
“Egypt is well-positioned to become one of the world’s top producers of green hydrogen,” ACWA Power CEO Marco Arcelli said in the release.
Partners include the Sovereign Fund of Egypt, Suez Canal Economic Zone, Egyptian Electricity Transmission Co. and the New and Renewable Energy Authority.
The agreement marked another addition to ACWA’s green hydrogen portfolio. The power and water desalination company is also developing the 1.2 million tonnes-per-year NEOM green hydrogen project with partners Air Products and NEOM in Saudi Arabia, the Garuda Hidrogen Hijau project in Indonesia and a green hydrogen project in Uzbekistan.
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