ACWA Power and Korea Electric Power Corporation (KEPCO) have signed a memorandum of understanding (MoU) proposing a prospective collaboration in the development of green hydrogen/ammonia projects in the Middle East.
The firm plans to use the finished product to run its power plants in South Korea, provided that the green ammonia from the projected project is offtaken by KEPCO’s generation companies.
Although both firms have been joint investors in projects like the Rabigh 1 independent power plant (IPP) in Saudi Arabia for almost ten years, this is the first agreement of its sort between ACWA Power and KEPCO.
While KEPCO plans to use 5 to 10 million tonnes of green ammonia by 2030, ACWA Power will rely more and more on green hydrogen to manufacture green ammonia, with a net zero emissions objective for 2050.
