In the Presence of the Minister of Energy, Saudi Arabia Solidifies International Partnerships to Export Renewable Energy and Green Hydrogen to Europe, Leveraging its Leadership in IMEC
In the presence of the Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, ACWA Power signed today in Riyadh agreements and memoranda of understanding (MoUs) with several international partners, aimed at creating a Green Hydrogen and Renewable Energy Export value chain between Saudi Arabia and Europe. The signing of these agreements and MoUs comes as part of the Kingdom’s 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.
The agreements and MoUs were signed during the Renewable Energy and Green Hydrogen Export Workshop, led by ACWA Power under the supervision of the Ministry of Energy. The event brought together high-level government representatives from Saudi Arabia, Greece, France, and Germany, alongside executives from global specialized companies and leading national institutions. The workshop showcased the Kingdom’s progress in diversifying its energy mix and promoting regional and international integration in clean energy—reinforcing its position as a reliable global supplier of energy and a key leader in the economic corridor connecting East and West.
A multi-party Memorandum of Understanding (MoU) was signed by ACWA Power with leading European companies, including Edison S.p.A. (Italy), TotalEnergies Renewables SAS (France), Zhero Europe B.V. (Netherlands), and EnBW (Germany). This MoU establishes a collaborative framework to assess the market demand and feasibility of developing large-scale renewable energy projects dedicated for export in Saudi Arabia and the creation of a corridor to deliver generated electricity to Europe.
ACWA Power also signed individual MoUs aimed to strengthen the relationship with key players involved in the development of electricity corridors including the independent technical consultant CESI (Italy) and leading HVDC technology and cable providers, including Prysmian (Italy), GE Vernova, Siemens Energy (Germany), and Hitachi (France). These agreements aim to develop advanced energy transmission corridors that enhance supply reliability and the efficiency of cross-border energy infrastructure.
Moreover, a Joint Development Agreement was concluded with German partner EnBW (Energie Baden-Württemberg AG) for collaboration on the first phase of the Yanbu Green Hydrogen Hub, which is planned to be ready for commercial operations by 2030.
Yanbu Green Hydrogen Hub is foreseen as 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 project leverages Saudi Arabia’s unique potential to develop renewable energy at competitive rates, and to serve global industrial demand with clean energy solutions.
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. These agreements also highlight Saudi Arabia’s competitive advantages, which make its participation pivotal to the IMEC’s success. In addition, the agreements reflect the Kingdom's pioneering role in enhancing global energy security, advancing regional and international interconnection projects, and driving the transition toward a sustainable and resilient energy future — fully aligned with the objectives of Saudi Vision 2030.
