ACWA Power and Korea Electric Power Corporation (KEPCO) signed an MoU that proposes a potential partnership in developing green hydrogen/ ammonia projects in the Middle East and other agreed geographies to decarbonise KEPCO’s operations in South Korea.
The company intends to utilise 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.
This is the first agreement of its kind between ACWA Power and KEPCO, though both companies have been joint investors in projects like Rabigh 1 independent power plant (IPP) in Saudi Arabia for nearly a decade.
The agreement underscores the commitment of both organisations in decarbonising their operations. While ACWA Power has a net zero emissions target for 2050, KEPCO is set to rely increasingly on green ammonia produced by green hydrogen for power generation purposes and targets the utilisation of 5-10 million tonnes of green ammonia by 2030.
With tangible project commitments in Saudi Arabia and Oman, ACWA Power is at the forefront of scaling up green hydrogen opportunities in different locations globally.
Paddy Padmanathan, CEO of ACWA Power, said, “With mega-scale project commitments in Saudi Arabia and Oman, ACWA Power is at the forefront of scaling up the development of green hydrogen.”