ACWA Power and IDC sign MoU

ACWA Power, a Saudi developer and operator of power generation, and the government-owned development finance institution, Industrial Development Corporation of South Africa (IDC) have signed an memorandum of understanding (MoU) to explore  the development of green hydrogen and its derivatives in South Africa. The parties have previously collaborated for equity in a renewable energy plant in South Africa.

The potential value of this MoU is estimated at US$10 billion (€10.1 billion).

Paddy Padmanathan, CEO and vice chairman of ACWA Power says : ‘With tangible renewable energy development commitments in South Africa already contributing to the country’s clean energy goals, the signing of the MOU with the IDC for the development of green hydrogen is a significant step towards further investing in diversifying the country’s energy mix and accelerating its green economy.’

‘We are pleased to explore potential partnership opportunities with ACWA Power, given its pedigree and expertise in this industry,’ adds Joanne Bate, chief operating officer at IDC.