Saudi, Thai firms plan $7bn splash in green hydrogen projects
Saudi Arabia's ACWA Power has signed an MoU with Thai energy company PTT and the Electricity Generating Authority of Thailand.By Shardul Sharma
Saudi Arabia’s ACWA Power, Thai energy company PTT and the Electricity Generating Authority of Thailand have signed a memorandum of understanding to invest $7bn in green hydrogen projects in the southeast Asian country, PTT said on November 22.
The trio will collaborate on a plan to establish large-scale, renewable-powered green hydrogen and derivatives production facilities in Thailand for local energy consumption as well as exports. The companies plan to produce around 225,000 metric tons/year of hydrogen, equivalent to around 1.2mn mt/yr of green ammonia.
Thailand is aiming to achieve carbon neutrality by 2050 and net zero emissions by 2065. Meanwhile, PTT aims to reduce 15% of GHG from normal operations by 2030 and achieve carbon neutrality by 2040 and net zero by 2050.
ACWA Power is expanding its footprint in the Asian green hydrogen sector. In October, it signed an MoU with Korea Electric Power Corporation to develop green hydrogen/ammonia projects.