The new deals mark a step forward for clean energy trade and the India-Middle East-Europe Economic Corridor
Saudi Arabia’s ACWA Power has signed a series of strategic agreements and memoranda of understanding (MoUs) with international partners aimed at building a robust green hydrogen and renewable energy export corridor between the Kingdom and Europe.
The signing ceremony, held in Riyadh during the Renewable Energy and Green Hydrogen Export Workshop, underscored Saudi Arabia’s growing influence in global energy logistics and its leadership role in the India-Middle East-Europe Economic Corridor (IMEC).
Strengthening the IMEC vision
The new partnerships are designed to support Saudi Arabia’s ambition to become a central player in the IMEC project by capitalising on its strategic location, bridging East and West.
The agreements aim to establish a comprehensive value chain for the production, transportation, and export of green hydrogen to European markets.
By facilitating long-term collaboration with European stakeholders, ACWA Power is setting the groundwork for a transcontinental clean energy corridor that could help decarbonise industrial hubs in Europe while advancing Saudi Arabia’s clean energy diversification.
Focus on Yanbu Green Hydrogen Hub
Among the most significant announcements was a joint development agreement for the first phase of the Yanbu Green Hydrogen Hub, which is expected to begin commercial operations by 2030.
The facility will play a crucial role in Saudi Arabia’s renewable energy export plans, enabling large-scale green hydrogen production near the Red Sea coast with access to international shipping lanes.
The Yanbu project contributes to Saudi Arabia’s expanding portfolio of clean energy initiatives, reinforcing its strategy to transition away from hydrocarbons and lead the global energy transition. It also aligns with the Kingdom’s Vision 2030 objective to transform into a leading global logistics hub through investments in renewable infrastructure and sustainable trade routes.
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