Saudi renewables developer ACWA Power has signed two new large deals as it expands its renewables and green projects across the region.
ACWA signed a framework agreement with the Egyptian government to develop a $4bn green ammonia facility in the Suez Canal Economic Zone.
The firm, which is 50% owned by Saudi sovereign wealth fund PIF, plans to build 600,000 tonnes a year of green ammonia production capacity in the first phase, before later scaling up to two million tonnes.
In a separate deal, the company announced that it has entered into a power purchase agreement to support South Africa’s largest hybrid renewable power project, enhancing its portfolio of green energy initiatives. The project, known as Project DAO, is currently under construction and has a total cost of approximately $800 million. In addition, the investor consortium for the project includes ACWA Power as the leading developer, along with Thebe Investment Corporation and Aventro Investments.
The company has operations across the Middle East, Africa and Asia. ACWA Power is headquartered in Riyadh, Saudi Arabia.
