ACWA Power, KEPCO to partner on green ammonia to decarbonise power generation
Hydrogen tanks. Source: US Office of Energy Efficiency & Renewable Energy
Saudi Arabia's ACWA Power (TADAWUL:2082) and Korea Electric Power Corp, KEPCO (KRX:015760), will jointly explore opportunities for the industrial-scale production of green hydrogen and green ammonia to decarbonise power generation in South Korea.
The two companies have signed a memorandum of understanding (MoU) to develop green hydrogen and ammonia projects in the Middle East and other agreed regions, ACWA Power announced on Tuesday.
KEPCO will offtake the ammonia produced through the partnership and use it to operate its power generation facilities in South Korea.
The two companies have already partnered as investors in the 1,204-MW Rabigh 1 independent power plant in Saudi Arabia.
The new planned partnership supports KEPCO's decarbonisation strategy. The Korean company is planning to utilise between five and ten million tonnes of green ammonia by 2030.
With carbon neutrality targeted by 2050, ACWA Power is among the co-owners of the world’s largest green hydrogen project which is under development in Saudi Arabia. Scheduled for commissioning in 2026, NEOM will produce up to 650 tonnes per day of green hydrogen.