Under a signed Memorandum of Understanding (MoU), KEPCO intends to utilise green hydrogen and ammonia to operate its South Korean power plants, contributing to its goals of utilising five to 10 million tonnes of green ammonia by 2030.

Through its joint venture, The NEOM Green Hydrogen Company with NEOM, and Air Products, ACWA is set to produce up to 650 tonnes of green hydrogen per day from the ‘world’s largest’ green hydrogen project in Saudi Arabia, once commissioned in 2026.

Read more: NEOM – Making a bold move toward the hydrogen economy

Additionally, the company in May (2022), signed a joint development agreement towards a ‘multibillion-dollar investment’ in a world-scale green hydrogen-based ammonia production facility in Oman with Air Products and OQ.

Read more: JDA signed for multibillion-dollar hydrogen-based green ammonia project in Oman

In its Global Hydrogen Flows report, the Hydrogen Council predicted that by 2030, the Middle East is likely to emerge as powerhouse for the export of hydrogen and its derivatives, with large trade flows to Asia in the form of shipped hydrogen, ammonia, and synthetic kerosene.

Read more: Regional hydrogen supply and demand mismatch will force global trade links by 2050, report predicts

Commenting on the new agreement, Paddy Padmanathan, CEO and Vice Chairman of ACWA Power, said, “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.

“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.”