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$4-billion green hydrogen deal inked for Egypt

Participants of the signing ceremony, which took place in the presence of Egypt Prime Minister Dr Moustafa Madbouly

Participants of the signing ceremony, which took place in the presence of Egypt Prime Minister Dr Moustafa Madbouly

20th December 2023

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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Saudi-listed power generation and investor ACWA Power has signed a framework agreement that outlines the development of the first phase of the green hydrogen project in Egypt with a capacity of 600 000 t/y of green ammonia, with an investment in excess of $4-billion.

This follows the sigining of a memorandum of understanding on December 7, 2022 and is intended to scale up to a second phase with a potential capacity of 2-million t/y.

The framework agreement lays out the development of the first phase of a green ammonia project to be powered by wind and solar plants.

“As a first mover in green hydrogen . . . 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,” says ACWA Power CEO Marco Arcelli.

He adds that Egypt is well-positioned to become one of the world’s top producers of green hydrogen.

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 Egypt Prime Minister Dr Moustafa Madbouly, Egyptian Electricity Minister Dr Mohamed Shaker, Saudi Arabia's Ambassador to Egypt Osama Bin Ahmed Nugali, TSFE CEO Ayman Soliman, SCZone chairperson Waleid Gamal Eldien, EETC chairperson Sabah Mashaly, NREA chairperson Dr Mohamed El Khayat, Arcelli, ACWA Power CIO Thomas Brostrom, ACWA Power business development-green hydrogen VP Driss Berraho and ACWA Power country director-Egypt Hassan Amin.

ACWA Power has a history of developing significant renewable projects to ensure a reliable supply of clean and low-cost energy to Egypt.

This latest project brings the total number of ACWA Power’s assets in operation, under construction, and in advanced development in Egypt to five – all renewable energy projects with a total power generation capacity of 1.4 GW.

It will be a significant addition to ACWA Power’s rapidly expanding green hydrogen portfolio.

Edited by Creamer Media Reporter

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