ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, and Korea Electric Power Corporation (KEPCO), South Korea’s largest electric utilities provider, have signed an extensive memorandum of understanding (MoU) that proposes a potential partnership in the development of green hydrogen/ammonia projects in Middle East and other agreed geographies to decarbonize KEPCO’s operations in South Korea.
The company intends to utilize the end product to operate its power plants in South Korea, on the proviso that KEPCO’s generation companies offtake the green ammonia from the potential project, ACWA Power said in a press statement.
ACWA Power and KEPCO have been joint investors in projects like Rabigh 1 independent power plant (IPP) in Saudi Arabia for nearly a decade.
“We are honoured to work with committed, long-term partners like KEPCO to accelerate the exploration of green hydrogen — a solution that can decarbonize entire industries and make a real difference towards reducing global warming,” said Paddy Padmanathan, Chief Executive Officer and Vice Chairman of ACWA Power.
The NEOM Green Hydrogen Company, a joint venture with ACWA Power, NEOM and Air Products, is developing the world’s largest green hydrogen project in Saudi Arabia. When commissioned in 2026, it will produce up to 650 tonnes per day of green hydrogen.
In addition, ACWA Power, as part of a joint venture, also recently signed a Joint Development Agreement towards a multi-billion-dollar investment in a world-scale green hydrogen- based ammonia production facility powered by renewable energy in Oman; as well as a Memorandum of Understanding with South Korea’s POSCO Holdings for the joint development of green hydrogen to decarbonize the Group’s power generation and steel manufacturing processes.
