Saudi Arabia-based ACWA Power and Korea Electric Power Corporation (KEPCO) signed a memorandum of understanding to study a potential partnership in developing green hydrogen/ammonia projects that will help South Korea’s largest electric utility provider decarbonise its local operations.
In a statement, ACWA said KEPCO aims to use the end product to power its plants in South Korea, provided that its generation companies offtake the green ammonia from the potential project.
The green hydrogen/ammonia projects are to be set in the Middle East and other agreed locations, according to ACWA.
The partnership is in line with ACWA Power’s target to achieve net-zero emissions by 2050 and KEPCO’s plan to use five to 10 million tonnes of green ammonia by 2030.
ACWA said this is the first agreement of its kind signed by both parties despite having been joint investors in projects like Rabigh 1 independent power plant in Saudi Arabia for almost a decade.
