ACWA Power has signed agreements with several international partners to create a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe.
A multi-party memorandum of understanding (MoU) was signed by ACWA Power with Italian companies Edison SpA and Zhero Europe BV, France’s TotalEnergies Renewables SAS, and German company EnBW.
This MoU establishes a collaborative framework to assess the market demand and feasibility of developing large-scale renewable energy projects dedicated for export in Saudi Arabia and the creation of a corridor to deliver generated electricity to Europe.
ACWA Power also signed individual MoUs aimed to strengthen the relationship with key players involved in the development of electricity corridors. These MoUs were signed with Italian independent technical consultant CESI, and HVDC technology and cable providers including Italy’s Prysmian, Germany’s GE Vernova and Siemens Energy, and Hitachi (France).
These agreements aim to develop advanced energy transmission corridors that enhance supply reliability and the efficiency of cross-border energy infrastructure.
In addition, a joint development agreement was concluded with EnBW for collaboration on the first phase of the Yanbu Green Hydrogen Hub, which is planned to be ready for commercial operations by 2030.
The agreements and MoUs were signed during a renewable energy and green hydrogen export workshop, led by ACWA Power under the supervision of the Ministry of Energy.
The workshop showcased Saudi Arabia’s progress in diversifying its energy mix and promoting regional and international integration in clean energy.
ACWA Power said the agreements align with the India-Middle East-Europe Economic Corridor (IMEC) project.