ACWA Power pens deals to export renewable energy, green hydrogen to Europe

ACWA Power Co. and international partners signed today, July 20, several agreements and memorandums of understanding (MoUs) to build an integrated system for exporting renewable energy and green hydrogen from Saudi Arabia to Europe.

According to a statement by Saudi Arabia’s Ministry of Energy, the deals underscore the Kingdom’s global logistics ambitions and its leadership in the India-Middle East-Europe Economic Corridor.

The MoUs include a multilateral agreement with European firms such as Italy’ Edison, France’s TotalEnergies, Netherlands’ Zenobe, and Germany’s EnBW, with the aim of exporting Saudi renewable electricity to Europe.

The partners will assess market potential after conducting a joint feasibility study, in alignment with Europe’s clean energy goals.

ACWA Power also signed MoUs with some power interconnection firms, appointing Italy’s CESI as an independent advisor. Meanwhile, Prysmian, GE Vernova, Siemens Energy, and Hitachi will support developing advanced cross-border transmission corridors via high-voltage tech.

A joint development deal with Germany’s EnBW was also sealed to build the first phase of the Yanbu Green Hydrogen Hub, with an eye to begin commercial operations in 2030.