Saudi Arabia and Germany Partner for Green Hydrogen Export to Europe
Key Ideas
- Saudi Arabia and Germany signed an MoU to export green hydrogen and green ammonia from Saudi Arabia to Europe, aiming for 200,000 tons annually by 2030.
- ACWA Power will develop, invest in, and operate the production assets, with Sefe acting as a co-investor and off-taker for marketing in Germany and Europe.
- The agreement strengthens Saudi Arabia's position as a global leader in green hydrogen and aligns with the goals of the Saudi-German Energy Dialogue for renewable energy cooperation.
- This partnership reflects a significant step towards promoting clean energy and enhancing international collaboration in sustainable technologies.
Saudi Arabia's Minister of Energy Prince Abdulaziz bin Salman and German Minister of Finance Jörg Kukies oversaw the signing of the Saudi-German green hydrogen bridge memorandum of understanding (MoU) between ACWA Power and Germany's Safe. The agreement focuses on the production and export of green hydrogen and green ammonia from Saudi Arabia to Europe, with an initial target of 200,000 tons annually by 2030. ACWA Power will lead as the developer, investor, and operator of the production assets, while Sefe will be a co-investor and off-taker responsible for marketing the green hydrogen in Germany and across Europe. This collaboration is part of Saudi Arabia's strategy to affirm its global leadership in green hydrogen production and export. It also supports the goals of the Saudi-German Energy Dialogue, promoting cooperation in renewable energy and clean hydrogen technologies. The partnership signifies a positive development towards advancing clean energy initiatives and fostering international partnerships in sustainable energy solutions.