ACWA Power, PTT Public Company Limited and Electricity Generating Authority of Thailand set to support Thailand's decarbonisation aspiration in green hydrogen and derivatives development Project

Having pledged to achieve carbon neutrality by 2050 and net zero emissions by 2065, Thailand intends to produce green hydrogen as a new alternative energy source in the years and decades ahead, which entails a host of beneficial implications including supporting emissions abatement imperatives and helping to build a low-carbon circular economy at the national level.

In line with this ambitious vision, and as per the terms stipulated in the MoU, ACWA Power, PTT, and EGAT will begin collaborating exclusively on a comprehensive plan to establish large-scale, renewable-powered green hydrogen and derivatives production facilities in Thailand for local energy consumption and global market export purposes. The target of hydrogen production is estimated to be around 225,000 tons per year, equivalent to around 1.2 million tons of green ammonia per year, at an estimated investment value of USD$7 Billion.

The MoU was finalized with a signing ceremony on 18th November 2022 at Nai Lert Park, Bangkok Thailand by Mr. Mohammad Abunayyan, Chairman of ACWA Power; Mr. Auttapol Rerkpiboon, President and CEO of PTT; and Mr. Boonyanit Wongrukmit, Governor of EGAT, in the presence of His Royal Highness Abdulaziz bin Salman Al Saud, Minister of Energy, Kingdom of Saudi Arabia; and Mr. Supattanapong Punmeechaow, Deputy Prime Minister and Minister of Energy, Kingdom of Thailand.

Paddy Padmanathan, Vice Chairman and CEO of ACWA Power, said: "Today's announcement represents our ongoing commitment to support international partners in their societal and economic development endeavours. We are excited at the prospect of supporting green hydrogen and derivatives exploration and advancement in Thailand, a nation that shares our vision for reliably and responsibly delivering clean energy that drives the sustainability agenda and complements essential climate action worldwide. We look forward to collaborating with PTT and EGAT and laying the foundations for accomplishing the same as we bring ingenuity, innovation, and our collective resources and expertise together."

Mr. Auttapol Rerkpiboon, President and CEO of PTT Public Company Limited, said: "PTT has made ongoing commitments to participate in and support the future of energy security in Thailand, in alignment with our vision "Powering Life with Future Energy and Beyond". We shed particular importance on building and cooperating with partners that drive the use of clean energy in order to achieve net zero targets, which is the top priority of the national and global agenda. Thus, PTT aims to reduce 15 percent of GHG from normal operations by 2030 in pursuance of achieving carbon neutrality by 2040 and net zero by 2050, which complements the national target. The collaboration with international leading companies such as ACWA Power and EGAT to explore and study the opportunity to invest in green hydrogen is a significant milestone for PTT to promote Thailand's low-carbon society along with improving the quality of life of Thai people, developing society, communities, the environment, and strengthen Thailand's economy to grow together sustainably.

Mr. Boonyanit Wongrukmit, Governor of the Electricity Generating Authority of Thailand (EGAT), said: "EGAT places importance on searching for new alternate energy sources to help Thailand achieve carbon neutrality by 2050 and net zero emissions by 2065 with emphasis on suitable clean energy to help reach environmental goals as well as enhance low-carbon circular economy at the national level. Therefore, EGAT joined forces with PTT and ACWA Power Company to study the production of green hydrogen and its derivatives by using renewable energy in Thailand in order to support the demand for green hydrogen and derivatives in the country and abroad. This cooperation will not only drive Thailand to accomplish GHG reduction but also impact the overall global goal."

With the MoU now finalised, an immediate focus for ACWA Power, PTT, and EGAT is conducting an investment feasibility study for proposed green hydrogen and derivatives projects in Thailand, which will position the parties to begin meeting all other deliverables outlined under the MoU.

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