ACWA Power Signs Deal To Develop Green Hydrogen Project In Egypt Worth USD Four Bln

12/20/2023 8:04:26 AM

(MENAFN- Kuwait News Agency (KUNA)) CAIRO, Dec 20 (KUNA) -- Saudi ACWA Power and Egypt signed Wednesday a framework agreement for the development of the first phase of the green hydrogen project in Egypt with an investment of more tham USD four billion.
The framework agreement lays out the development of the first phase of a green ammonia project with a capacity of 600,000 tons-per-year, with the intention of scaling up to a second phase with a potential capacity of two million tons-per-year, the Egyptian Minister of Electricity Mohammad Shaker said in a statement.
For his part, Chief Executive Officer of ACWA Power Marco Arcelli said that ACWA Power is proud to bring its expertise in this new and exciting market to Egypt, as he praised this partnership for producing the fuel for the future, which would bring great demand in Europe and the rest of the world.
Egypt is well-positioned to become one of the world's top producers of green hydrogen, and 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, he added.
The signing ceremony took place in the presence of Prime Minister of Egypt Dr. Moustafa Madbouly, Chairman of New and Renewable Energy Authority (NREA) Dr. Mohammad Al-Khayat, chairman of Egyptian Electricity Transmission Company (EETC) Eng. Sabah Mashaly, CEO of Sovereign Fund of Egypt (TSFE) Ayman Soliman, CEO of Suez Canal Economic Zone (SCZone) Ahmad Saad, Vice President of Business Development-Green Hydrogen Driss Berraho and Country Director - Egypt, ACWA Power Hassan Amin. (end)
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