ACWA Power has signed the framework agreement, following the MoU that was signed in 7th of December 2022 to outline the development of the first phase of the green H₂ project in Egypt with a capacity of 600,000 tpy of green ammonia, with an investment in excess of $4 B, with the intention of scaling up to a second phase with a potential capacity of 2 MMtpy.

The agreement was signed between ACWA Power and The Sovereign Fund of Egypt (TSFE), the Suez Canal Economic Zone (SCZone), the Egyptian Electricity Transmission Company (EETC), and the New and Renewable Energy Authority (NREA).

The signing ceremony took place in the presence of the H.E. Dr. Moustafa Madbouly, Prime Minister of Egypt; H.E. Dr. Mohamed Shaker, the Egyptian Minister of Electricity; H.E. Osama Bin Ahmed Nugali, Saudi Arabia's Ambassador to Egypt, Mr. Ayman Soliman, CEO of the TSFE, Mr. Waleid Gamal Eldien, Chairman of SCZone, , Eng. Sabah Mashaly, Chairman of EETC; Dr. Mohamed El Khayat, Chairman, NREA; Marco Arcelli, CEO, ACWA Power, Thomas Brostrom CIO, ACWA Power, Driss Berraho VP, Business Development-Green H₂ and Hassan Amin, Country Director- Egypt, ACWA Power. This Framework agreement marks the next step in the development of this large-scale green H₂ facility.

The framework agreement lays out the development of the first phase of a green ammonia project with a capacity of 600,000 tpy powered by wind and solar plants, with the intention of working on a larger green H₂ project in the country which could have a capacity of up to 2 MMtpy of green H₂.