Riyadh – Mubasher: ACWA Power signed an extensive memorandum of understanding (MoU) with Korea Electric Power Corporation (KEPCO), South Korea’s largest electric utilities provider, on a potential partnership in the development of green hydrogen/ ammonia projects in the Middle East and other agreed geographies to decarbonise KEPCO’s operations in South Korea.  

The company aims to use 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, according to a recent press release.

The deal, underscoring the commitment of both firms in decarbonising their operations, is the first of its kind between ACWA Power and KEPCO. However, both companies have been joint investors in projects like Rabigh 1 independent power plant (IPP) in Saudi Arabia for nearly a decade.

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.

CEO and Vice Chairman of ACWA Power, Paddy Padmanathan, stated: “The world is witnessing the alarming impact of climate change and as pressure rapidly mounts to take immediate, mitigating action, collaborative efforts need to be made to find the right solutions."

Padmanathan added: "With mega scale project commitments in Saudi Arabia and Oman, ACWA Power is at the forefront of scaling up the development of green hydrogen and we look forward to applying our expertise and delivering transformative clean energy solutions that will play a significant role in decarbonising the world.”