ACWA Power inks deal for development of $4b green hydrogen project in Egypt

This covers the project's second phase, with the aim of a 2 million tonnes-per-year capacity.

ACWA Power has engaged in a framework agreement with a $4b investment as part of the second phase for a major green hydrogen project in Egypt, aiming for a potential capacity of 2 million tonnes per year.

The deal follows a previous deal, signed on 7 December 2022, for the project's first phase with a capacity of 600,000 tonnes per year of green ammonia.

The new agreement is overseen 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), serving as the next step in the development of the major green hydrogen project.

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“As a first mover in green hydrogen, ACWA Power is proud to bring its expertise in this new and exciting market to Egypt. 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,” Marco Arcelli, CEO of ACWA Power, said.

Currently, ACWA Power has been expanding its green hydrogen portfolio through developments for the first utility-scale plant NEOM Green Hydrogen Project in Saudi Arabia, another green hydrogen project in Uzbekistan, and other COP28-negotiated projects in Jordan and Indonesia.