Subscribe to Egypt Claps

Egypt inks USD 4B green hydrogen agreement with Saudi’s ACWA Power

The Clap
Egypt secured a USD 4 billion deal with ACWA Power to advance a green hydrogen project.

What
Egypt’s cabinet disclosed the signing of the agreement on Wednesday, December 20, 2023. The deal involves outlining a work plan for the initial phase, targeting an annual production capacity of 600K tons of green ammonia.

Now What
Following the agreement, a detailed action plan will be formulated to steer the first phase of the green hydrogen project. This paves the way for expectations of expanded production and further phases in the future.

Some Context
This move expands ACWA Power’s involvement in Egypt. The CEO of ACWA Power, Marco Archilli, clarified that the recent project brings the total of ACWA Power’s initiatives in Egypt to five. All these projects are centered around utilizing renewable and sustainable energy sources.