4 days ago
Saudi's ACWA Power Paves Highway for Green Energy Exports
Greenlogue/AP
ACWA Power has forged multi-party preliminary agreements with European energy giants to assess exporting renewable energy and green hydrogen from Saudi Arabia to Europe via the India–Middle East–Europe Economic Corridor. The accords aim to explore large-scale project feasibility and develop cross-border transmission corridors.
The MoUs were signed in Riyadh on 20 July during a Renewable Energy and Green Hydrogen Export Workshop presided over by the Ministry of Energy. The consortium includes Italy's Edison SpA and Zhero Europe BV, France's TotalEnergies Renewables SAS, and Germany's EnBW Energie Baden‑Württemberg AG.
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ACWA Power has also inked separate agreements with infrastructure specialists: Italy's CESI, cable maker Prysmian, GE Vernova, Siemens Energy of Germany, and France's Hitachi Energy. These deals focus on high-voltage direct current systems, aiming to streamline efficiency and bolster reliability in transmissions to Europe.
A standout in the deal portfolio is the joint development agreement with EnBW for Phase 1 of the Yanbu Green Hydrogen Hub, targeted for commercial operation by 2030. The hub will integrate renewable power, desalination for hydrogen electrolysis, ammonia conversion, and an export terminal.
These agreements aim to channel Saudi Arabia's competitive renewable energy capacity into Europe's clean energy transition, leveraging the IMEC framework. IMEC's northern corridor, connecting the Gulf to Europe, involves maritime and rail links designed to reduce shipping costs and enhance trade connectivity. Analysts note that by 2030, combined exports from IMEC-linked regions could comprise 44 per cent of global trade.
ACWA Power, majority-owned by the Public Investment Fund and operating across 14 countries, manages a substantial USD 107.5 billion portfolio comprising 101 power and water desalination projects. This includes its flagship Neom Green Hydrogen project—the world's largest—set to launch in 2026, and the Yanbu initiative represents an expansion of its strategic footprint.
Saudi Arabia's Vision 2030 agenda underpins these efforts, reflecting a national shift toward sustainable energy exports as a diversification of its economy. The kingdom recently approved agreements totalling over SAR 31 billion for renewable projects by ACWA‑led consortiums. Earlier this year, ACWA also entered a green‑hydrogen agreement with Germany's Securing Energy for Europe aimed at shipping 200,000 tonnes annually by 2030.
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Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, highlighted during the workshop that the agreements establish a collaborative framework to assess market demand and feasibility for large-scale renewable exports and corridor development. Industry observers suggest these partnerships could redefine global green‑energy supply chains, reinforcing the kingdom as an exporter of clean energy solutions.
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[1]: 'Saudi's ACWA Power signs agreements with European companies to export renewable energy'
[2]: 'Acwa Power signs pacts to export renewable energy and green hydrogen to Europe'
Saudi's ACWA Power Paves Highway for Green Energy Exports
ACWA Power has forged multi-party preliminary agreements with European energy giants to assess exporting renewable energy and green hydrogen from Saudi Arabia to Europe via the India–Middle East–Europe Economic Corridor. The accords aim to explore large-scale project feasibility and develop cross-border transmission corridors.
The MoUs were signed in Riyadh on 20 July during a Renewable Energy and Green Hydrogen Export Workshop presided over by the Ministry of Energy. The consortium includes Italy's Edison SpA and Zhero Europe BV, France's TotalEnergies Renewables SAS, and Germany's EnBW Energie Baden‑Württemberg AG.
ACWA Power has also inked separate agreements with infrastructure specialists: Italy's CESI, cable maker Prysmian, GE Vernova, Siemens Energy of Germany, and France's Hitachi Energy. These deals focus on high-voltage direct current systems, aiming to streamline efficiency and bolster reliability in transmissions to Europe.
A standout in the deal portfolio is the joint development agreement with EnBW for Phase 1 of the Yanbu Green Hydrogen Hub, targeted for commercial operation by 2030. The hub will integrate renewable power, desalination for hydrogen electrolysis, ammonia conversion, and an export terminal.
These agreements aim to channel Saudi Arabia's competitive renewable energy capacity into Europe's clean energy transition, leveraging the IMEC framework. IMEC's northern corridor, connecting the Gulf to Europe, involves maritime and rail links designed to reduce shipping costs and enhance trade connectivity. Analysts note that by 2030, combined exports from IMEC-linked regions could comprise 44 per cent of global trade. ACACWA Power, majority-owned by the Public Investment Fund and operating across 14 countries, manages a substantial USD 107.5 billion portfolio comprising 101 power and water desalination projects. This includes its flagship Neom Green Hydrogen project—the world's largest—set to launch in 2026, and the Yanbu initiative represents an expansion of its strategic footprint. SaSaudi Arabia's Vision 2030 agenda underpins these efforts, reflecting a national shift toward sustainable energy exports as a diversification of its economy. The kingdom recently approved agreements totalling over SAR 31 billion for renewable projects by ACWA‑led consortiums. Earlier this year, ACWA also entered a green‑hydrogen agreement with Germany's Securing Energy for Europe aimed at shipping 200,000 tonnes annually by 2030. Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, highlighted during the workshop that the agreements establish a collaborative framework to assess market demand and feasibility for large‑scale renewable exports and corridor development. Industry observers argue these partnerships could redefine global green‑energy supply chains, reinforcing the kingdom as a leading exporter of clean energy solutions.
