ACWA Power, the Saudi developer of power and water projects, has signed a series of strategic agreements and memoranda of understanding with European partners to advance green hydrogen production and cross-border renewable energy transmission between the Kingdom and Europe.
The deals were announced during a clean energy workshop held in Riyadh and supervised by the Ministry of Energy. The event convened senior officials and corporate executives from Saudi Arabia, Germany, France, Greece, and Italy, focusing on establishing a green hydrogen and renewable energy export value chain.
A key agreement involved a multi-party MoU between ACWA Power and European energy companies Edison S.p.A., TotalEnergies Renewables SAS, Zhero Europe B.V., and EnBW. The collaboration aims to explore the development of large-scale renewable energy generation in Saudi Arabia to supply clean electricity to Europe through emerging transmission infrastructure.
Separate MoUs were also signed with transmission and technology firms including CESI, Prysmian, GE Vernova, Siemens Energy, and Hitachi. These agreements focus on advancing High Voltage Direct Current (HVDC) technologies to enable long-distance energy transport with minimal loss.
ACWA Power also finalized a Joint Development Agreement with EnBW to launch the first phase of the Yanbu Green Hydrogen Hub, with commercial operations targeted for 2030. The project is set to integrate solar and wind energy with hydrogen electrolysis and ammonia production, backed by a dedicated export terminal on the Red Sea coast.
The green hydrogen initiative and transmission partnerships are part of Saudi Arabia’s broader strategy to diversify its energy mix and support the India-Middle East-Europe Economic Corridor (IMEC). The initiatives also contribute to the objectives of Vision 2030, aiming to strengthen the Kingdom’s role in the global clean energy transition and energy security landscape.
