RIYADH: Saudi utility giant ACWA Power has signed multiple agreements to export renewable electricity and green hydrogen to Europe, marking a major step in the Kingdom’s efforts to become a global clean energy hub.
The deals, signed during an international workshop in Riyadh under the supervision of the Ministry of Energy, aim to build integrated systems for cross-border energy exports.
The event, titled “Exporting Renewable Energy and Green Hydrogen,” underscores Saudi Arabia’s strategic push to lead the India-Middle East-Europe Economic Corridor by leveraging its geographic position between East and West, the Saudi Press Agency reported.
The agreements support the Kingdom’s target to generate 50 percent of its electricity from renewable sources by 2030 and to become the world’s largest exporter of green hydrogen, with plans to produce 1.2 million tons annually by the end of the decade.
“The agreements and memoranda of understanding signed by ACWA Power at the workshop included a multilateral memorandum of understanding with leading European companies, including Italy’s Edison, France’s TotalEnergies, the Netherlands’ ZeroEurope, and Germany’s ENPW, to export electricity generated from renewable energy sources from the Kingdom to Europe, while assessing commercial potential and European market trends toward sustainable energy solutions,” SPA said.
ACWA Power also signed memorandums of understanding with global leaders in electrical interconnection and high-voltage DC transmission technologies, including Italy’s CESI as an independent technical adviser, as well as Prysmian, GE Vernova, Siemens Energy, and Hitachi. The partnerships aim to develop advanced cross-border transmission corridors to enhance supply reliability and infrastructure efficiency.
In collaboration with Germany’s EnBW, ACWA Power also launched the first phase of the Yanbu Green Hydrogen Hub, an integrated project designed to help meet global demand for low-emission energy. The facility is expected to begin commercial operations in 2030.
The project will feature renewable electricity generation, water desalination, electrolysis units, hydrogen-to-ammonia conversion, and a dedicated export terminal. It is intended to support Saudi Arabia’s ability to produce clean energy at competitive costs while meeting rising global industrial demand for sustainable energy solutions.
The workshop and accompanying agreements highlight the Kingdom’s competitive advantages and reinforce its leadership in global energy transition efforts. The Ministry of Energy said the initiative supports Saudi Arabia’s commitment to energy security, regional integration, and its Vision 2030 goals.
With a net-zero emissions target by 2060, Saudi Arabia is investing heavily in both green and blue hydrogen. ACWA Power and Saudi Aramco are spearheading several major projects, including a hydrogen venture in NEOM, to solidify the Kingdom’s role in the future hydrogen economy.
