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Saudi ACWA Power to develop $4 billion green hydrogen project in Egypt

Saudi Arabia’s ACWA has signed a framework agreement on the development of the first phase of a green hydrogen project in Egypt.

Michele Labrut, Americas Correspondent

December 22, 2023

1 Min Read
ACWA and Egypt hydrogen project signing
Photo: ACWA

The project will have a capacity of 600,000 tonnes per year of green ammonia, with an investment of more than $4 billion. AWCA investor and operator of power generation, water desalination and green hydrogen plants worldwide,

The agreement was signed between ACWA Power and The Sovereign Fund of Egypt (TSFE), the Suez Canal Economic Zone (SCZone), the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA).

The accord follows the signing of a Memorandum of Understanding (MoU) in December 2022 to develop the first phase of the green ammonia project powered by wind and solar plants, and a larger green hydrogen project in Egypt with capacity of up to 2 million tonnes per year of green hydrogen.

“ACWA Power is proud to bring its expertise in this new and exciting market to Egypt. We commend our partners for their bold step into producing the fuel for the future, for which there will be great demand in Europe and the rest of the world. Egypt is well-positioned to become one of the world’s top producers of green hydrogen and we are elated to be a part of the country’s energy transition,” said Marco Arcelli, CEO of ACWA Power.

ACWA Power’s assets in operation, under construction and in advanced development in Egypt will total five with this new project and all are renewable energy projects.

Related:Suez Canal signs $15.6 billion deal to produce green hydrogen

ACWA Power’s green hydrogen portfolio includes the NEOM Green Hydrogen project, a joint venture between ACWA Power, Air Products and NEOM to create the world’s first utility-scale green hydrogen plant in the northwest of Saudi Arabia.

 

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About the Author

Michele Labrut

Americas Correspondent

Michèle Labrut is a long-time Panama resident, a journalist and correspondent, and has continuously covered the maritime sector of Central & Latin America.

Michèle first came to Panama as a press attaché to the French Embassy and then returned to the isthmus as a foreign correspondent in the 1980s.

Author of Seatrade Maritime's annual Panama Maritime Review magazine and of several books, Michèle also wrote for Time magazine, The Miami Herald, NBC News and the Economist Intelligence Unit. She has also collaborated in making several documentaries for the BBC and European and U.S. television networks.

Michèle's profession necessitates a profound knowledge of the country, but her acumen is not from necessity alone, but a genuine passion for Panama.

In 2012 she was awarded the Order of Merit (Knight grade) by the French Government for her services to international journalism and in 2021 the upgrade to Chevalier grade.

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