Saudi Arabian utility firm ACWA Power has signed a memorandum of understanding with Korea Electric Power Corp., known as Kepco, to explore the development of green hydrogen and ammonia projects in the Middle East and other regions.
According to a MEED report, the MoU was signed on Oct.11, and it aims to use the end product in Kepco’s power plants in South Korea.
This is the first project of its kind between the two firms, although they have been joint investors in facilities, including the Rabigh 1 independent power-producing project in the Kingdom, 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 utilization of 5-10 million tons of green ammonia by 2030,” an ACWA Power statement said, according to MEED.
In July, ACWA Power signed an MoU with Posco Holdings, another South Korean firm to jointly develop green hydrogen to decarbonize the group’s power generation and steel manufacturing processes.