June 11, 2024 [Solar Quarter]- In a significant development in the realm of sustainable energy, ACWA Power, a leading private water desalination company and a pioneer in energy transition, has inked a pivotal agreement with Japan’s Itochu Corporation. The agreement aims to explore joint efforts in the development and procurement of green ammonia from a project based in Egypt.
The project, which boasts an initial capacity of 600,000 tonnes-per-year of green ammonia, is set to be a milestone in the transition towards cleaner energy sources. This collaboration underscores ACWA Power’s commitment to green hydrogen and signifies Itochu Corporation’s dedication to advancing sustainable solutions.
This collaboration follows a framework agreement signed by ACWA Power with key entities including the Sovereign Fund of Egypt, the Suez Canal Economic Zone, the Egyptian Electricity Transmission Company, and the New and Renewable Energy Authority. The agreement, established in December 2023, laid the groundwork for the development of the first phase of the green ammonia plant.
“We look forward to working with Itochu on the development of our Egyptian Green Ammonia project. We value their vision and their partnership, and I am confident that together we can make this project a reality,” expressed Marco Arcelli, Chief Executive Officer of ACWA Power.
Mr. Takeo Akamatsu, General Manager of Green Innovation Business Unit at Itochu Corporation, expressed optimism about the collaboration, stating, “Through this collaboration with the reputable partner, ACWA Power, our initiatives to introduce low-carbon/clean ammonia to the maritime sector as an alternative zero-emission fuel will be reinforced.” He further highlighted the potential for green ammonia to serve as a promising source for their ammonia bunkering hub set-up in the Suez Canal, aligning with the Egyptian government’s support for sustainable initiatives.
This partnership between ACWA Power and Itochu Corporation marks a significant stride towards a more sustainable and environmentally conscious future, bringing together expertise from different corners of the globe to drive impactful change in the energy landscape.
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