South Africa (Commonweath Union)_ A comprehensive memorandum of understanding (MoU) on examining a collaboration in the production of green hydrogen and its derivatives in the Republic of South Africa has been signed between Saudi Arabia’s ACWA Power and the Industrial Development Corporation of South Africa (IDC). A comprehensive memorandum of understanding (MoU) exploring a partnership in the development of green hydrogen and its derivatives in the Republic of South Africa was signed today by the IDC, a government-owned Development Finance Institution, and ACWA Power, a Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants globally.
The launch of this relationship follows South African President Cyril Ramaphosa’s official visit to the Kingdom of Saudi Arabia. The document was digitally signed by Paddy Padmanathan, Vice Chairman and Chief Executive Officer of ACWA Power, Clive Turton, Chief Investment Officer of ACWA Power, Rian Coetzee, Head of Industry Planning and Project Development at IDC, and Russell Wallace, Manager of Legal Services at IDC, following which agreement copies were exchanged in front of a group of executive dignitaries.
The parties had previously worked together for equity in a renewable energy facility in South Africa, but this is the first arrangement of its sort between ACWA Power and the IDC. This Memorandum of Understanding might be worth $10 billion. Green hydrogen and its derivatives will be developed in South Africa by ACWA Power, with the IDC serving as a co-developer and equity partner in the planned projects. The signing of the MOU with the IDC for the development of green hydrogen is a significant step toward continuing to invest in diversifying the country’s energy mix and advancing its green economy, according to Paddy Padmanathan, Chief Executive Officer and Vice Chairman of ACWA Power.
