ACWA Power to develop $4bn green project in Egypt

ACWA Power to develop $4bn green project in Egypt

Riyadh – Mubasher: ACWA Power Company penned a framework agreement for a green hydrogen project in Egypt with an investment above $4 billion, according to a press release.

The first phase of the project has an annual capacity of 600,000 tonnes of green ammonia, while the second phase is expected to have a potential capacity of 2 million tonnes annually.

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 CEO of ACWA Power, Marco Arcelli, said: “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.”

It is worth highlighting that the latest project brings the total number of the Saudi company’s assets in operation, under construction, and in advanced development in Egypt to five renewable energy projects with a total power generation capacity of 1.4 gigawatts (GW).

Last July, the Tadawul-listed firm and the NREA inked a memorandum of understanding (MoU) to allocate land for a 10 GW wind project in the Arab Republic.

ACWA Power to develop $4bn green project in Egypt