Saudi-based Acwa Power, a major developer, investor and operator of a portfolio of power generation and water desalination plants, has entered into an agreement with top European energy company Sefe for setting up the 'Saudi-German Green Hydrogen Bridge' for production and export of green hydrogen and ammonia to Europe.

 

Under the MoU, the duo will jointly develop projects with an initial target of exporting 200,000 tonnes of green hydrogen annually from Saudi Arabia to Europe by 2030. 

 

As per the deal, Acwa Power will serve as the developer, investor, and primary operator of production assets, while Sefe will act as a co-investor and primary off-taker, responsible for marketing the hydrogen across Germany and Europe.

 

The MoU was signed in the presence of Saudi Minister of EnergyPrince Abdulaziz bin Salman bin Abdulaziz, and German Minister of Finance Jörg Kukies.

 

Earlier the two ministers met in Riyadh today (February 3) and discussed key topics of mutual interest in the energy sector, including efforts related to clean hydrogen, building on the MoU signed by both sides in 2021.

 

The Saudi-German Green Hydrogen Bridge is a major step from Saudi Arabia to solidify its position as a leading producer and exporter of green hydrogen across the globe.

 

It also aligns with the goals of the agreement signed under the Saudi-German Energy Dialogue to strengthen cooperation in renewable energy and clean hydrogen technologies.-TradeArabia News Service