ACWA Power Signs Green Energy Export Deals with Europe

In a major step towards advancing cross-border clean energy collaboration, Saudi Arabia’s ACWA Power signed a series of agreements and memorandum of understanding (MoUs) with leading European energy firms to develop a green hydrogen and renewable energy export corridor from the Kingdom to Europe.

The signing ceremony took place in Riyadh during the Renewable Energy and Green Hydrogen Export Workshop, held under the supervision of the Saudi Ministry of Energy. The event was attended by Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy, and senior government officials from Greece, France, Germany, and Saudi Arabia, along with executives from global energy companies and institutions.

The agreements aim to establish Saudi Arabia as a central player in the emerging India-Middle East-Europe Economic Corridor (IMEC), leveraging the Kingdom’s strategic location and renewable energy potential.

As part of the multi-party MoU, ACWA Power entered into collaboration with Italy’s Edison S.p.A., France’s TotalEnergies Renewables SAS, Italy-based Zhero Europe B.V., and Germany’s EnBW. The MoU outlines a joint framework to assess demand and technical feasibility for large-scale renewable energy projects within Saudi Arabia and the development of infrastructure to export this energy to European markets.

In addition, ACWA Power signed separate MoUs with several key players in the power transmission sector, including Italian consulting firm CESI, cable manufacturer Prysmian, and technology leaders GE Vernova, Siemens Energy (Germany), and Hitachi Energy (France). These agreements are aimed at strengthening collaboration on high-voltage direct current (HVDC) transmission systems and developing robust cross-border electricity corridors.

Significantly, a Joint Development Agreement was signed between ACWA Power and German utility EnBW (Energie Baden-Württemberg AG) for the development of the first phase of the Yanbu Green Hydrogen Hub, targeted to begin commercial operations by 2030.

The Yanbu Green Hydrogen Hub is envisioned as a fully integrated export facility with dedicated renewable power generation, desalination for electrolysis, hydrogen and ammonia conversion plants, and a dedicated port terminal for global shipment. The project capitalizes on Saudi Arabia’s ability to generate renewable energy at competitive costs and its long-term ambition to serve global industrial demand with clean fuel.

Officials said these agreements reflect the Kingdom’s commitment to energy transition and highlight its role in enhancing regional and global energy interconnectivity. They also align with the broader objectives of Saudi Vision 2030, which positions the country as a leader in sustainable development and global energy logistics.

The workshop and the associated agreements further strengthen Saudi Arabia’s standing in the IMEC initiative and underline its intention to become a key exporter of clean energy solutions to international markets.