Saudi Arabia-based ACWA Power has signed agreements and memoranda of understanding (MoUs) with international partners to develop a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe.

These collaborations are part of Saudi Arabia's commitment to enhancing global logistics connectivity through its India-Middle East-Europe economic corridor (IMEC) initiative, due to its location connecting east and west.

ACWA Power formalised partnerships during the Renewable Energy and Green Hydrogen Export Workshop held in late July 2025 and supervised by Saudi Arabia's Ministry of Energy.

The company signed a multi-party MoU with European entities Edison, TotalEnergies Renewables, Zhero Europe and Energie Baden-Württemberg (EnBW).

The MoU focuses on assessing market demand for large-scale renewable energy projects aimed at exporting electricity to Europe.

The workshop also saw individual MoUs signed with Centro Elettrotecnico Sperimentale Italiano (CESI) and high-voltage direct current technology and cable providers such as Prysmian, GE Vernova, Siemens Energy and Hitachi.

These agreements seek to establish advanced energy transmission corridors to improve supply reliability and optimise cross-border energy infrastructure efficiency.

A joint development agreement was signed with EnBW for phase one of the Yanbu green hydrogen hub, which is set for commercial operations by 2030.

The hub is envisioned as an integrated facility producing its electricity from renewable sources. It will include desalination plants to support hydrogen electrolysis and ammonia conversion processes, along with a dedicated export terminal.

These developments align with Saudi Vision 2030 objectives by promoting global energy security and supporting sustainable energy transitions.

In mid-July 2025, Saudi Arabia's state-owned power procurement company, Principal Buyer, signed agreements totalling SR31bn ($8.3bn) with a consortium led by ACWA Power.

These agreements are aimed at developing seven new solar and wind power projects with a combined capacity of 15GW.