Saudi-listed ACWA Power, a prominent figure in the realm of energy transition and water desalination, has inked a significant agreement with Itochu Corporation, a renowned Japanese conglomerate. The collaboration aims to delve into the development and off-take of ammonia from a green hydrogen project based in Egypt. This initiative, with an initial capacity of 600,000 tonnes-per-year of green ammonia, marks a notable stride towards sustainable energy practices.
The foundation for this partnership was laid with ACWA Power’s prior engagement, as it signed a framework agreement in December 2023 with key entities including the Sovereign Fund of Egypt (TSFE), the Suez Canal Economic Zone (SCZone), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA). This agreement was pivotal in paving the way for the first phase of the green ammonia plant’s development.
Marco Arcelli, Chief Executive Officer of ACWA Power said “We look forward to working with Itochu on the development of our Egyptian Green Ammonia project. We value their vision and their partnership, and I am confident that together we can make this project a reality”
Takeo Akamatsu, General Manager of Green Innovation Business Unit from Itochu Corporation said “Through this collaboration with the reputable partner, ACWA Power, our initiatives to introduce low-carbon/clean ammonia to the maritime sector as an alternative zero-emission fuel will be reinforced, as this product of green ammonia will be a promising source for our ammonia bunkering hub set-up in the Suez Canal under joint development with our partner in line with the Egyptian government’s support.”
ACWA Power’s portfolio in the realm of green hydrogen includes participation in groundbreaking projects such as the Neom Green Hydrogen Project, in collaboration with Air Products and Neom, and a venture in Uzbekistan alongside Uzkimyosanoat. These initiatives underscore ACWA Power’s commitment to spearheading sustainable energy solutions on a global scale.
The collaboration between ACWA Power and Itochu Corporation not only signifies a step towards sustainable energy practices but also holds promise for revolutionizing the maritime sector with the adoption of green ammonia as an alternative fuel. With the support of key stakeholders and government entities, this partnership is poised to drive significant strides in the transition towards a greener, more sustainable future.
Source ACWA Power