Acwa Power teams up with South Africa IDC to develop green hydrogen projects worth $10bn.
Riyadh-based utility developer Acwa Power has joined forces with the Industrial Development Corporation of South Africa (IDC), a development finance institution, to develop projects on green hydrogen and its derivatives worth $10 billion in Africa’s second-largest economy.
The partnership coincides with the state visit of South Africa’s President Cyril Ramaphosa to Saudi Arabia.
Acwa Power will function as the developer for green hydrogen and its derivatives in South Africa, with the IDC acting as co-developer and equity partner in the proposed projects, a statement from the Saudi-based company said.
Paddy Padmanathan, vice chairman and chief executive of Acwa Power, said:
With tangible renewable energy development commitments in South Africa…