ACWA Power to develop green hydrogen project worth over $4B in Egypt

The Egyptian Cabinet meeting

ACWA Power signed a deal for a green hydrogen facility in the Suez Canal Economic Zone with investments over $4 billion, in collaboration with the Sovereign Fund of Egypt (TSFE), the General Authority for Suez Canal Economic Zone (SCZONE), the Egyptian Electricity Transmission Co. (EETC), and the New and Renewable Energy Authority (NREA).

The agreement sets a plan for the project's first phase to produce 600,000 tons of green ammonia annually, with an expansion plan for a second phase targeting two million tons per year, as stated by the Cabinet of Egypt.

CEO Marco Arcelli noted that this project brings ACWA Power's total in Egypt to five, all focused on new and renewable energy.