ACWA Power Signs a Deal to Develop a $4 Billion Green Hydrogen Project in Egypt

ACWA Power has signed a framework agreement for the first phase of a USD 4 billion green hydrogen project. Subsequently, the project is expected to produce around 600,000 metric tons of green ammonia annually. The second phase will scale up the production to 2 million metric tons per year. The framework agreement was signed following the MoU signed on December 7th.

The framework agreement was signed between ACWA Power and TSFE (the Sovereign Fund of Egypt), the Suez Canal Economic Zone, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority.

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The project will be a significant addition to ACWA Power’s expanding green hydrogen portfolio. ACWA Power is also developing 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.

Recently, the company signed further agreements during COP28 for green hydrogen projects in Jordan and Indonesia.

About ACWA Power

ACWA Power is a prominent developer, investor, and operator of power generation and desalinated water plants. They boast a significant presence across 12 countries, spanning the Middle East, Africa, Central Asia, and Southeast Asia.

The company operates 77 projects in different stages: operation, construction, or advanced development. ACWA Power has a total investment value of USD 82.8 billion. Furthermore, they employ over 4,000 people.

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