The project will generate enough renewable electricity to power 36,000 homes annually while offsetting 190,000 tonnes of carbon dioxide emissions.

ACWA Power will act as the lead developer, investor, and operator of green hydrogen and green ammonia production facilities, while SEFE will serve as a co-investor and primary offtaker

The latest deals bring Penspen’s total 2024 sales to over $225 million, reinforcing its role in global energy infrastructure.

The project, set to roll out in key industrial zones—10th of Ramadan, 6th of October, and Port Said—aims to deploy 3.2 megawatts (MW) of solar capacity in its first phase.

ACWA Power and Snam will assess the feasibility of a green hydrogen supply corridor linking Saudi Arabia with key European markets, including Italy, Austria, and Germany

This is a major milestone in the industry’s transition to larger, high-efficiency solar modules