An agreement was struck on Monday by state-owned Industrial Development Corporation of South Africa (IDC) and ACWA Power, a Saudi Arabian company that develops and operates green hydrogen and derivative project exploration in the continent’s largest economy. The MoU might be worth $10 billion, according to a press release from ACWA Power.
According to the release, ACWA Power will serve as the project’s developer, with the IDC serving as a co-developer and equity partner.
The South African Green Hydrogen Commercialization Strategy (GHCS), which IDC is in the process of finalizing in collaboration with the Green Hydrogen Panel and for which IDC has been given the government’s mandate to lead the development and commercialization of the green hydrogen economy.
Based on concentrated solar power technology, ACWA Power now manages two solar energy plants in South Africa at Bokpoort and Redstone.
The largest green hydrogen project in the world is being developed in Saudi Arabia by the NEOM Green Hydrogen Company, a partnership of ACWA Power, NEOM, and Air Products. It will be able to create up to 650 tonnes of green hydrogen daily if it is put into operation in 2026.
