Saudi Arabia signs up TotalEnergies, Eni on renewables, hydrogen project

Saudi Arabia's ACWA Power signed agreements and memorandums of understanding with renewables divisions of TotalEnergies, En, Edison, Zhero Europe and EnBW to create a supply chain of green hydrogen and renewable energy from Saudi Arabia to Europe.

The country's renewables energy company ACWA Power signed the agreements, with Saudi Arabia's energy minister Prince Abdulaziz bin Salman present, Saudi Arabia's ministry of energy said in a July 20 statement. Their plan noted efforts to create the India-Middle East-Europe Economic Corridor project to bring suppliers and buyers together.

European governments were also present for the signing, including from Greece, France and Germany. ACWA Power signed a "multi-power" MoU with Edison S.p.A., TotalEnergies Renewables SAS, Zhero Europe B.V. and EnBW. The companies will assess the market demand to develop renewable energy projects dedicated to export from Saudi Arabia and the creation of a corridor to deliver generated electricity to Europe, according to the statement..

ACWA Power also signed MoUs aimed to strengthen the relationship with electricity providers including CESI, Prysmian, GE Vernova, Siemens Energy and Hitachi. The agreements aim to develop energy transmission corridors across numerous countries.

A joint development agreement was also signed with EnBW for the first phase of the Yanbu green hydrogen hub, which is expected to start by 2030.

Yanbu green hydrogen hub will have its own captive electricity generation from renewable sources, desalination plants to feed its hydrogen electrolysis and ammonia conversion facilities, along with a dedicated export terminal, according to the statement. Saudi Arabia has the capacity to develop renewable energy at "competitive rates," and to serve global industrial demand with clean energy solutions, according to the statement.

ACWA Power has been expanding its international renewable energy portfolio as part of Saudi Arabia's Vision 2030 economic diversification strategy, most recently partnering with several national power companies in signing agreements for seven solar and wind renewable energy projects with capacity of 15 GW.