ACWA Power’s green hydrogen megaproject now has a due date for its first phase: Saudi renewable energy developer ACWA Power expects to complete the first, USD 4 bn portion of its green hydrogen project in the Suez Canal Economic Zone (SCZone) by 4Q 2028, CEO Hassan Amin told Asharq Business.

Remember: Under the framework agreement inked late last year, the company will invest at least USD 4 bn in the first phase of the project, which will have a production capacity of 600k metric tons of green ammonia annually. The second phase of the project will add another 2 mn metric tons of green ammonia to the plant’s production capacity.

ACWA Power has also got a lot of wind projects here in Egypt in the pipeline: The renewable energy developer also has significant interests in Egyptian solar and wind, with the company’s biggest project — a 10 GW wind farm – set to be world’s second largest wind farm, behind only China’s monumental Gansu project. In addition, an ACWA Power-led consortium including Hassan Allam Utilities is expected to reach financial close by 4Q 2024 and begin commercial operations by the end of 2026 on a USD 1.5 bn, 1.1 GW wind farm in the Gulf of Suez.

The regional renewables leader is also keen on our solar power prospects: The company’s 200 MW Kom Ombo solar power plant got the greenlight earlier this year to start operations, with the company expecting financial impacts in 3Q 2024. It also has minority stakes in three plants in Benban.

Desalination plants may also be in the cards: The company is also interested in investing in water desalination projects in Egypt, with Amin telling Asharq that the country is “promising in this field due to its multiple water sources.”

Tags: