Saudi Arabian renewable energy developer, investor, and operator ACWA Power has signed a Memorandum of Understanding (MoU) with South Africa’s government-owned finance institution, the Industrial Development Corporation (IDC), for the development of green hydrogen and its derivatives.
The MoU, signed by Paddy Padmanathan, Vice Chairman and CEO of ACWA Power; Clive Turton, Chief Investment Officer of ACWA Power; Rian Coetzee, Head of Industrial Planning and Project Development at the IDC; and Russel Wallace, Manager of Legal Services at the IDC, will explore a partnership for the development of green hydrogen, demonstrating South Africa’s commitment to achieving net-zero by 2050 and becoming a regional and global green hydrogen hub.
