ACWA Power Signs Strategic Deals to Boost Saudi-Europe Green Hydrogen and Energy Corridor

ACWA Power on Sunday inked a series of strategic agreements and memoranda of understanding (MoUs) with leading international energy players. The signing ceremony took place in Riyadh under the patronage of the Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.

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The agreements, concluded during the Renewable Energy and Green Hydrogen Export Workshop, mark a key milestone in building a renewable energy and green hydrogen export value chain between Saudi Arabia and Europe. The initiative is aligned with the Kingdom’s strategic role in the India-Middle East-Europe Economic Corridor (IMEC) and Vision 2030 goals, ACWA Power notes.

Multinational Collaboration for Energy Exports

As part of the effort, ACWA Power signed a multi-party MoU with major European companies including Italy’s Edison S.p.A., France’s TotalEnergies Renewables SAS, Zhero Europe B.V. (Italy), and Germany’s EnBW (Energie Baden-Württemberg AG). 

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The MoU establishes a framework to explore large-scale renewable energy project development in Saudi Arabia and assess the feasibility of delivering power to European markets through advanced transmission corridors.

Further bolstering the initiative, ACWA Power signed technical MoUs with global leaders in energy infrastructure, including CESI (Italy) for technical consultancy, and cable and grid technology providers Prysmian Group (Italy), GE Vernova, Siemens Energy (Germany), and Hitachi (France). These collaborations aim to develop efficient, high-capacity electricity corridors enhancing cross-border power reliability and transmission.

GH2: Yanbu Hub Moves Forward

In a significant development for the green hydrogen sector, ACWA Power and EnBW concluded a Joint Development Agreement for Phase 1 of the Yanbu Green Hydrogen Hub, which is expected to begin commercial operations by 2030. 

The facility will be fully integrated, powered by renewable energy, with in-house desalination, electrolysis, ammonia conversion, and a dedicated export terminal.

“This workshop, along with the signed agreements and memoranda of understanding, underscores the Kingdom’s leading role in the IMEC project, leveraging its unique geographical location,” ACWA Power said in a statement. 

“These agreements highlight Saudi Arabia’s competitive advantages and commitment to global energy security, regional interconnection, and sustainable energy transition.”

The workshop brought together high-level representatives from Saudi Arabia, Greece, France, and Germany, along with executives from global energy firms and national institutions.