ACWA Power, a developer, investor, co-owner and operator of a portfolio of power generation plants, and SEFE, have signed a Memorandum of Understanding (MoU) on the Saudi-German Green Hydrogen Bridge.
The MoU is aimed at producing and exporting green hydrogen and ammonia from Saudi Arabia to Europe. This came during a meeting between the Minister of Energy, Prince Abdulaziz bin Salman bin Abdulaziz, and Germany’s Minister of Finance, Jörg Kukies, in Riyadh.
The meeting covered key topics of mutual interest in the energy sector, including efforts related to clean hydrogen, building on the memorandum of understanding (MoU) signed by both sides in 2021.
Under the MoU, ACWA Power and SEFE will jointly develop projects with an initial target of exporting 200,000 tons of green hydrogen annually from Saudi Arabia to Europe by 2030.
ACWA Power will serve as the developer, investor, and primary operator of production assets, while SEFE, a major European energy company, will act as a co-investor and primary off-taker, responsible for marketing the hydrogen across Germany and Europe.
This step supports Saudi Arabia’s efforts to solidify its position as a leading producer and exporter of green hydrogen and aligns with the goals of the MoU signed under the Saudi-German Energy Dialogue to strengthen cooperation in renewable energy and clean hydrogen technologies.
