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ACWA Power Signs MoU To Support Thailand's Efforts At Decarbonization | |
| Superadmin |
The Southeast Asian nation, Thiland plans to produce about 225,000 tonnes of hydrogen per year, which is equivalent to producing 1.2 million tonnes of green ammonia per year, at a cost of about US$7 billion. ACWA Power, a Saudi Arabian energy business, has agreed to help Thailand with its decarbonisation goals by working with the country on a green hydrogen and derivatives development project.
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According to the press release, the company has inked an MOU with PTT Public Co. Limited, Thailand's national integrated energy corporation, and the Electricity Generating Authority of Thailand, the country's state-owned enterprise in charge of generating electricity.
According to the MoU, ACWA Power, PTT, and EGAT will begin working together on an all-encompassing strategy to build large-scale, renewable-powered green hydrogen and derivatives manufacturing facilities in Thailand for domestic energy consumption and international export.
"We are excited at the prospect of supporting green hydrogen and derivatives exploration and advancement in Thailand," said Paddy Padmanathan, ACWA Power's vice chairman and CEO. "Their vision for reliably and responsibly delivering clean energy that drives the sustainability agenda and complements essential climate action worldwide aligns with our own."
The news release stated that Thailand plans to employ green hydrogen as an alternative energy source in the next years in an effort to achieve carbon neutrality by 2050 and net zero emissions by 2065.
It went on to say that a home low-carbon circular economy may be built with the use of green hydrogen, which will help support emissions abatement imperatives.
ACWA Power, which is partially controlled by the Public Investment Fund of Saudi Arabia, is also in the midst of creating as much as 240,000 tonnes of green hydrogen every year.