Saudi Arabian developer ACWA Power has signed a Memorandum of Understanding (MoU with the Industrial Development Corporation of South Africa (IDC) to develop green hydrogen and its derivatives in South Africa.
This partnership, which could yield projects worth up to $10bn, coincides with the state visit of the South African President Cyril Ramaphosa to the Kingdom of Saudi Arabia.
The agreement was digitally signed by Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power; Clive Turton, Chief Investment Officer of ACWA Power; Rian Coetzee, Head of Industry Planning and Project Development at IDC; and Russell Wallace, Manager of Legal Services at IDC, with agreement copies exchanged at a gathering attended by executive dignitaries.
It marks the first agreement of its kind between ACWA Power and the IDC, but the parties have previously collaborated for equity in a renewable energy plant in South Africa.
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