ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a Memorandum of Understanding (MoU) with Zenith Energy Terminals, GasLog and Port of Amsterdam to explore the viability for a green hydrogen export corridor between ACWA Power’s global hydrogen production sites and the port of Amsterdam, the company announced.
ACWA Power aims to become a large global producer of green hydrogen and is currently developing numerous projects in several locations, including the US$ 8.5 billion NEOM Green Hydrogen Project in Saudi Arabia, which is the world’s largest utility-scale commercial facility of its kind, powered entirely by renewable energy. ACWA Power is developing its second green hydrogen project in Uzbekistan, and is pursuing further projects and feasibility studies in different countries in the Middle East, Africa, and various other locations. Part of the green hydrogen produced will be allocated for export, with a specific focus on the European market.
As part of the MoU, ACWA Power, Zenith Energy Terminals and GasLog will conduct a detailed feasibility study to establish a trade corridor for liquified green hydrogen between ACWA Power’s production sites and the port of Amsterdam. Based on the outcomes of the study, the stakeholders may subsequently engage in a Joint Development Agreement (JDA) to define roles and responsibilities, while also engaging with prospective offtakers within the vicinity of the port of Amsterdam and its hinterland.
The parties will also investigate suitable incentive opportunities that could promote demand for green hydrogen and make it more affordable. The Dutch government has previously stated that it would earmark EUR9 billion for the development of green hydrogen production and distribution until 2030, of which EUR300 million is reserved for imports.
The port of Amsterdam is a global energy hub that is prioritising the development of green hydrogen capabilities, as part of its pursuance of energy transition and to serve as a gateway to Europe by establishing viable import corridors.
Photo of ACWA Power
Press release https://is.gd/QauILc
