Riyadh: In the presence of Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz, ACWA Power signed today in Riyadh agreements and memoranda of understanding (MoUs) with several international partners, aimed at creating a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe.
According to Saudi Press Agency, the signing of these agreements and MoUs comes as part of the Kingdom's pioneering role in enhancing global logistics connectivity and its leadership in the India-Middle East-Europe Economic Corridor (IMEC) project, driven by its strategic geographical location that connects East and West.
The agreements and MoUs were signed during the Renewable Energy and Green Hydrogen Export Workshop, led by ACWA Power under the supervision of the Ministry of Energy. The event brought together high-level government representatives from Saudi Arabia, Greece, France, and Germany, alongside executives from global specialized companies and leading national institutions. The workshop showcased the Kingdom's progress in diversifying its energy mix and promoting regional and international integration in clean energy, reinforcing its position as a reliable global supplier of energy and a key leader in the economic corridor connecting East and West.
A multi-party Memorandum of Understanding (MoU) was signed by ACWA Power with leading European companies, including Edison S.p.A. (Italy), TotalEnergies Renewables SAS (France), Zhero Europe B.V. (Netherlands), and EnBW (Germany), to export electricity generated from renewable energy sources from the Kingdom to Europe, while evaluating commercial potential and European market trends towards sustainable energy solutions.
ACWA Power also signed individual MoUs aimed to strengthen the relationship with key players involved in the development of electricity corridors, including the independent technical consultant CESI (Italy) and leading HVDC technology and cable providers, including Prysmian (Italy), GE Vernova, Siemens Energy (Germany), and Hitachi (France). These agreements aim to develop advanced energy transmission corridors that enhance supply reliability and the efficiency of cross-border energy infrastructure.
Moreover, a joint development agreement was concluded with German partner EnBW (Energie Baden-Wrttemberg AG) for collaboration on the first phase of the Yanbu Green Hydrogen Hub, which is planned to be ready for commercial operations by 2030.
Yanbu Green Hydrogen Hub is foreseen as a fully integrated facility with its own captive electricity generation from renewable sources, desalination plants to feed its hydrogen electrolysis and ammonia conversion facilities, with a dedicated export terminal. The project leverages Saudi Arabia's unique potential to develop renewable energy at competitive rates and to serve global industrial demand with clean energy solutions. It also affirms the Kingdom's leading role in the IMEC project, based on its distinguished geographical location.
This workshop - along with the signed agreements and MoUs - underscores the Kingdom's competitive advantages, which make its participation pivotal to the IMEC's success. In addition, the agreements reflect the Kingdom's pioneering role in enhancing global energy security, advancing regional and international interconnection projects, and driving the transition toward a sustainable and resilient energy future - fully aligned with the objectives of Saudi Vision 2030.