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

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

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.

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.