Saudi’s ACWA Power inks $4bn green hydrogen deal with Egypt

Saudi Arabian energy provider and developer, ACWA Power, says it has formalised a framework agreement with Egyptian state-owned entities for the establishment of a green hydrogen project within the Suez Canal Economic Zone (SCZONE).

According to a press release issued by the company, the agreement, succeeding an initial Memorandum of Understanding (MOU) inked in December 2022, delineates plans for the inaugural phase of a green hydrogen project.

This phase, driven by wind and solar plants, aims to produce 600,000 tonnes annually of green ammonia, representing an investment exceeding $4 billion, it added.

“As a first mover in 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,” ACWA Power CEO Marco Arcelli said following the announcement.

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