ِACWA Power to complete large green H2 project in Egypt in 2028 - report

The Egyptian unit of Saudi Arabia's ACWA Power Co (TADAWUL:2082) expects to fully complete the first phase of its green hydrogen project in the Suez Canal Economic Zone in the fourth quarter of 2028, according to the subsidiary's chief executive Hassan Amin.

Speaking to newspaper Asharq, Amin said that concrete steps for realisation of the USD-4-billion (EUR 3.63bn) project have already been taken.

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The Riyadh-based developer signed a framework agreement in December 2023 for the development of the large-scale green hydrogen project to be implemented in two phases. The first one, worth investments of about USD 4 billion, involves the construction of a plant with the capacity to produce 600,000 tonnes of green ammonia per year.

In the second phase, the facility could be expanded to a potential capacity of 2 million tonnes per year, according to a previous statement.

Amin explained the hydrogen plant will be powered with renewable energy from the East Nile region in Minya Governorate in Upper Egypt.

Amin also noted that ACWA Power Egypt is working on projects worth at least USD 10 billion.

In addition to the green hydrogen plant, the company is developing a 1.1 GW wind park project in the Gulf of Suez and Jabal El-Zeit which involves investments of USD 1.5 billion. The project will be implemented in two phases with construction work set to begin at the end of this year, Amin said in the interview.