ACWA Power signs agreement to develop green hydrogen project in Egypt worth more than $4bln

ACWA Power signs agreement to develop green hydrogen project in Egypt worth more than $4bln

New Capital – Cairo - Egypt: Saudi-listed ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed the framework agreement, following the MoU that was signed in 7th of December 2022 to outline the development of the first phase of the green hydrogen project in Egypt with a capacity of 600,000 tonnes-per-year of green ammonia, with an investment in excess of USD 4bn, with the intention of scaling up to a second phase with a potential capacity of 2 million tonnes-per-year

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 signing ceremony took place in the presence of the H.E. Dr. Moustafa Madbouly, Prime Minister of Egypt; H.E. Dr. Mohamed Shaker, the Egyptian Minister of Electricity; H.E. Osama Bin Ahmed Nugali, Saudi Arabia's Ambassador to Egypt, Mr. Ayman Soliman, CEO of the TSFE, Mr. Waleid Gamal Eldien, Chairman of SCZone, , Eng. Sabah Mashaly, Chairman of EETC; Dr. Mohamed El Khayat, Chairman, NREA; Marco Arcelli, CEO, ACWA Power, Thomas Brostrom CIO, ACWA Power, Driss Berraho