Saudi Arabia signs major deals to export renewable energy and green hydrogen to Europe, reinforcing its leadership in global clean energy.
In a significant stride toward international energy collaboration, Saudi Arabia, under the patronage of Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, has further cemented its leadership in renewable energy and green hydrogen. The Kingdom, through its energy giant ACWA Power, has signed a series of strategic agreements and memoranda of understanding (MoUs) with multiple global stakeholders. These agreements aim to establish a comprehensive value chain for the export of renewable energy and green hydrogen from Saudi Arabia to Europe.
The signings took place during a dedicated Renewable Energy and Green Hydrogen Export Workshop in Riyadh, hosted by ACWA Power and overseen by the Ministry of Energy. The workshop gathered high-level officials and energy experts from Saudi Arabia, Germany, France, and Greece, alongside executives from top global energy and technology firms. This initiative is part of Saudi Arabia’s broader strategy to enhance its role in global energy markets, especially through its involvement in the India-Middle East-Europe Economic Corridor (IMEC). The IMEC project aims to bolster international logistics and energy infrastructure by leveraging the Kingdom's strategic geographic location linking East and West.
At the center of these agreements is a multi-party MoU signed between ACWA Power and leading European energy firms: Edison S.p.A. (Italy), TotalEnergies Renewables SAS (France), Zhero Europe B.V. (Italy), and EnBW (Germany). This collaborative framework is designed to explore the feasibility and market needs for developing large-scale renewable energy projects within Saudi Arabia, which will be dedicated to exporting clean electricity to Europe.
To facilitate this, additional MoUs were inked with major players in the development of energy transmission systems. These include independent technical advisor CESI (Italy), and technology and cable providers such as Prysmian (Italy), GE Vernova, Siemens Energy (Germany), and Hitachi (France). These agreements aim to build advanced high-voltage direct current (HVDC) transmission corridors that ensure reliable and efficient cross-border energy delivery.
A particularly noteworthy development is the Joint Development Agreement signed between ACWA Power and Germany’s EnBW (Energie Baden-Württemberg AG) for the first phase of the Yanbu Green Hydrogen Hub. Scheduled for commercial operation by 2030, the facility will feature renewable-powered electricity generation, desalination units, hydrogen electrolysis, ammonia conversion systems, and a dedicated export terminal. This fully integrated hub will play a pivotal role in supplying global markets with clean hydrogen derived from competitively priced renewable energy.
Together, these initiatives not only strengthen Saudi Arabia's participation in IMEC but also affirm the Kingdom’s strategic vision to lead in global energy transition efforts. They reinforce Saudi Arabia’s commitment to enhancing global energy security, fostering regional energy interconnectivity, and fulfilling the sustainability goals set out in Vision 2030.
