ACWA Power signed agreements and memoranda of understanding (MoUs) in Riyadh with several international partners, aiming to establish a value chain for the export of green hydrogen and renewable energy between Saudi Arabia and Europe.

The MoUs were signed with Italian companies Edison SpA and Zhero Europe BV, France’s TotalEnergies Renewables SAS, and Germany’s EnBW.

The memoranda set out a collaborative framework to assess market demand and the feasibility of developing large-scale renewable energy projects dedicated to export in Saudi Arabia, as well as the creation of a corridor to deliver the generated electricity to Europe.

ACWA Power also signed individual MoUs to strengthen its relationships with key players involved in the development of electric corridors. These include Italy’s independent technical consultancy CESI, and HVDC technology and cable suppliers such as Prysmian (Italy), GE Vernova and Siemens Energy (Germany), and Hitachi (France).

According to ACWA Power, the agreements aim to develop advanced energy transmission corridors that enhance the reliability of supply and the efficiency of cross-border energy infrastructure.

Additionally, a joint development agreement was signed with EnBW to collaborate on the first phase of the Yanbu Green Hydrogen Hub, which is expected to be ready for commercial operation by 2030.

The agreements and MoUs were signed during a Green Hydrogen and Renewable Energy Export Workshop, organized by ACWA Power under the supervision of the Ministry of Energy.

The workshop highlighted Saudi Arabia’s progress in diversifying its energy mix and promoting regional and international integration in clean energy.

ACWA Power stated that the agreements align with the objectives of the India-Middle East-Europe Economic Corridor (IMEC).