The Kingdom Strengthens its International Partnerships in Exporting Renewable Energy and Green Hydrogen to Europe

In the presence of Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, several agreements and memoranda of understanding were signed today, Sunday, in Riyadh, between ACWA Power and several international partners to develop an integrated system for exporting renewable energy and green hydrogen from the Kingdom of Saudi Arabia to the European continent.

The signing of these agreements and memoranda of understanding stems from the Kingdom’s pioneering role in enhancing international logistical connectivity and its leadership of the India-Middle East-Europe Economic Corridor (IMEC) project, based on its strategic geographic location linking East and West.

These agreements and memoranda of understanding were signed during the international workshop organized by ACWA Power, under the supervision of the Ministry of Energy, entitled: “Exporting Renewable Energy and Green Hydrogen,” attended by high-level representatives from the governments of Saudi Arabia, Greece, France, and Germany, as well as representatives of specialized international companies and leading national institutions, the workshop highlighted the Kingdom’s progress in diversifying its energy mix and enhancing regional and international integration in clean energy. This solidifies its position as a reliable energy provider and its pivotal role in leading the East-West Economic Corridor project.

The agreements and memoranda of understanding signed by ACWA Power at the workshop included a multilateral memorandum of understanding with leading European companies, including Italy’s Edison, France’s TotalEnergies, the Netherlands’ ZeroEurope, and Germany’s ENPW, to export electricity produced from renewable energy sources from the Kingdom to Europe, while assessing the commercial potential and European market trends toward sustainable energy solutions. ACWA Power also signed memoranda of understanding with entities specializing in electrical interconnection technologies, including the Italian company CESI as an independent technical advisor, along with a number of leading global companies in high-voltage DC (HVDC) transmission technologies, such as Prysmian, GE Vernova, Siemens Energy, and Hitachi. These agreements aim to develop modern energy transmission corridors that enhance supply reliability and the effectiveness of cross-border infrastructure. A joint development agreement was also signed between ACWA Power and the German company EnBW to establish the first phase of the Yanbu Green Hydrogen Center, which is scheduled to begin commercial operations in 2030. The Yanbu Green Hydrogen Center is an integrated project that includes renewable energy generation facilities, water desalination plants, electrolysis units, facilities for converting hydrogen into green ammonia, and a dedicated export terminal. The project is expected to contribute to enabling the Kingdom to produce clean energy at competitive costs and meet global industrial demand for alternative, low-emission energy solutions.

In addition to affirming the Kingdom’s leadership role in the economic corridor project, based on its distinguished geographical location, the holding of this workshop, and the signing of agreements and memoranda of understanding, demonstrate the Kingdom’s competitive advantages that make it a pivotal element in the success of this project. It also reflects its pioneering role in enhancing global energy security and supporting regional and international interconnection projects, contributing to building a sustainable and resilient energy future, in line with the goals of Saudi Vision 2030.