Saudi Arabia’s ACWA Power has signed an agreement to develop a $4 billion green hydrogen project in Egypt, with the first phase of the initiative expected to produce 600,000 metric tons (mt) of green ammonia per year, the company said in a statement Wednesday.
The agreement by the Saudi-listed company and The Sovereign Fund of Egypt, the Suez Canal Economic Zone, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority follows a memorandum of understanding signed on the project on Dec. 7.
The second phase of the project could produce 2 million mt per year, the statement said, without providing details on the timeline.
The signing in the North African country took place in the presence of Egyptian Prime Minister Mostafa Madbouly, Electricity Minister Mohamed Shaker and Saudi Ambassador to Egypt Ayman Soliman. The CEOs of the companies involved were also there.
