ACWA Power has inked various agreements with international partners in order to create a renewable energy and green hydrogen supply channel from Saudi Arabia to Europe. A multi-party MoU was signed by ACWA Power with several European companies. The companies included Italy’s Edison S.p.A. and Zhero Europe B.V., France’s TotalEnergies Renewables SAS, and Germany’s EnBW.
Individual MoUs were also inked with companies involved in the development of electricity corridors, including Italian technical consultant CESI, and HVDC technology and cable providers such as Prysmian, GE Vernova, Siemens Energy and Hitachi. Further, a joint development agreement was concluded with EnBW for the first phase of the Yanbu green hydrogen hub. The hub is expected to reach commercial operations by 2030.
Earlier in July 2025, ACWA Power, in partnership with Badeel and the Saudi Aramco Power Company (SAPCO), entered into power purchase agreements with the Saudi Power Procurement Company (SPPC) for the development of seven utility-scale renewable energy projects. These include five solar photovoltaic plants and two wind power projects, with a cumulative generation capacity of 15 GW.
REGlobal’s Views: Saudi Arabia’s strategic location and proximity to demand centers in Europe along with its rich and untapped renewable energy resource and infrastructure expertise in oil and gas, make it an ideal investment destination for development of green hydrogen. The country is, thus, witnessing the development of many renewable energy and green hydrogen projects to cater to the export markets.
