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Saudi electricity producer and water desalination company ACWA Power Co (TADAWUL:2082) said today it has signed a framework agreement regarding the development of a USD-4-billion-plus (EUR 3.65bn) green hydrogen project in Egypt.
The new agreement follows the signing of a memorandum of understanding (MoU) a year earlier, when the government of Egypt engaged with several local and international companies to study the development of green hydrogen production in the Suez Canal Economic Zone.
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Now, signatures were placed by ACWA Power, 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 new deal outlines the development of a Phase I project with the capacity to produce 600,000 tonnes of green ammonia per year. The announcement suggests that the given investment is associated with this phase of the overall scheme. Then, in a second phase, the facility could be expanded to a potential capacity of 2 million tonnes per year.
The green hydrogen and ammonia plant is expected to run on wind and solar power generation.
(USD 1.0 = EUR 0.914)
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