ACWA Power, a Saudi developer and operator of power generation, water desalination, and green hydrogen plants worldwide, and Korea Electric Power Corporation (KEPCO), a South Korean electric utility provider, signed an MoU to develop green hydrogen and ammonia projects in the Middle East and to decarbonize KEPCO’s operations in South Korea.

The agreement shows the commitment of both organizations to decarbonize their operations, ACWA Power has a net zero emissions target for 2050 and KEPCO plans to rely on green ammonia produced by green hydrogen for power generation purposes and aims to utilize 5 to 10 million tonnes of green ammonia by 2030.

“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. We are honored to work with committed, long-term partners like KEPCO to accelerate the exploration of green hydrogen—a solution that can decarbonize entire industries and make a real difference in reducing global warming. 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 decarbonizing the world,” Paddy Padmanathan, Chief Executive Officer and Vice Chairman of ACWA Power said.