ACWA Power, a developer, investor, co-owner and operator of a portfolio of energy production plants, recently signed agreements and memoranda of understanding (MoUs) with several international partners, with the aim of creating a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe.
The agreements were signed in Riyadh, Saudi Arabia in the presence of the Saudi minister of energy, Prince Abdulaziz bin Salman bin Abdulaziz Al Saud.
Signing these agreements, SCWA Power says, signifies its ‘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’.
Representatives from the governments of Greece, France and Germany were in attendance at the Renewable Energy and Green Hydrogen Export Workshop where the agreements were signed, as well as those from the government of Saudi Arabia.
Also in attendance were executives from global organisations. A multi-party MoU was signed by ACWA Power with European companies such as: Edison S.p.A., Europe B.V., and Zhero in Italy; TotalEnergies Renewables SAS in France; and EnBW in Germany.
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ACWA Power also signed individual MoUs aimed at strengthening its relationship with ‘key players involved in the development of electricity corridors’ including independent technical consultant CESI in Italy, as well as leading high-voltage direct current (HVDC) technology and cable providers, including Prysmian in Italy, GE Vernova and Siemens Energy in Germany, and Hitachi in France.
Furthermore, a Joint Development Agreement was concluded between ACWA Power and its German partner Energie Baden-Württemberg AG to collaborate on the first phase of the Yanbu Green Hydrogen Hub.
According to ACWA Power, this hub is designed to be 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 Yanbu Green Hydrogen Hub is expected to be ready for commercial operations by 2030.
