Vice Chairman and Managing Director of ACWA Power Saudi Arabia Raad Al-Saady revealed that necessary studies to develop the green hydrogen project in Egypt were underway.
In remarks to Asharq Al-Awsat, Al-Saady stressed that Saudi Arabia has enormous potential to export hydrogen thanks to its strategic location and rich natural resources, including vast areas, an abundance of solar energy and wind power, which all make it a leading force in producing and exporting green hydrogen to all parts of the world.
In December, ACWA Power signed a framework agreement with Egypt to develop the first phase of the green hydrogen project in the Suez Canal Economic Zone, with a total investment exceeding $4 billion.
Al-Saady explained that the first phase of the project includes developing green ammonia with a capacity of 600,000 tons annually, with the aim to reach a production of two million tons per year in the second phase of the project.
He added that ACWA Power aims to become a major exporter of green hydrogen in the world, with a special focus on Europe and the Middle East.
He noted that the Kingdom was progressing steadily towards achieving sustainability goals and diversifying energy sources, through the implementation of major projects within the framework of Vision 2030 with the aim to reach net zero emissions by 2060.
He added that Saudi Arabia has all the elements that will push it to achieve great success in the green hydrogen sector in the near future, citing the NEOM green hydrogen project, which has a production capacity of 1.2 million tons annually of green ammonia.
Al-Saady stressed that ACWA Power was seeking to reach zero emissions by 2050, explaining that the company is working to develop multiple projects to generate solar energy in different parts of the Kingdom, which contribute significantly to attaining the goals of sustainability and development in the region.
He added that such projects create new job opportunities, in addition to helping in the development of local content in the energy, water desalination, and green hydrogen sectors.
ACWA Power, which was established in 2004, is currently present in 12 countries, and its portfolio includes 81 stations under operation or construction, or in advanced stages of development, with an investment value of SAR 317.8 billion ($84.7 billion).
