ACWA Power has signed the framework agreement with a USD4 billion investment as part of the second phase for a major green hydrogen project in Egypt, aiming for a potential capacity of two million tonnes per year.
The deal follows a previous deal for the project’s first phase with a capacity of 600,000 tonnes per year of green ammonia. The new agreement is overseen by ACWA Power, The Sovereign Fund of Egypt, the Suez Canal Economic Zone, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority, serving as the next step in the development of the major green hydrogen project.
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