Tashkent, Uzbekistan (UzDaily.com) -- ACWA Power plans to build a US$88 million green hydrogen plant in Uzbekistan.

An investment agreement was signed between the Ministry of Investment, Industry and Trade and ACWA Power to develop the Green Hydrogen project for a total amount of US$88 million.

The document was signed on the 2nd day of the 32nd Annual Meeting of the EBRD Board of Governors in Samarkand.

Marco Arcelli, Chief Executive Officer of ACWA Power Uzbekistan, noted that this is the second ACWA Power green hydrogen project in the world. He noted that the first project will be implemented in Saudi Arabia and the second in Uzbekistan.

According to him, the first stage of the project will be smaller in capacity compared to the project in Saudi Arabia, but the second stage will be huge. Arcelli noted that green ammonia will be produced from green hydrogen, which will allow Uzbekistan to strengthen ties with the EU.