ACWA Power and SEFE Securing Energy for Europe have signed a Memorandum of Understanding (MoU) to collaborate on developing a green hydrogen supply chain, with the goal of delivering 200,000 tons of green hydrogen annually to Europe by 2030. This partnership was inaugurated in Baku, Azerbaijan, in the presence of Saudi Energy Minister Prince Abdulaziz bin Salman and German Finance Minister Jörg Kukies, marking a significant step in reinforcing energy ties between Saudi Arabia and Germany. The agreement outlines that ACWA Power will lead the development, investment, and operation of green hydrogen and ammonia projects, while SEFE will serve as a co-investor and primary offtaker for supplying the European markets. SEFE, with its substantial annual customer portfolio of 200 terawatt-hours (TWh), is set to play a vital role in building Germany's hydrogen infrastructure through initiatives like the conversion of pipeline networks under the FLOW project and the construction of the AquaDuctus offshore pipeline in the North Sea. Furthermore, SEFE is working on establishing a large-scale storage facility in Jemgum capable of storing up to 500 GWh of hydrogen. ACWA Power's green hydrogen portfolio is also expanding with projects like the NEOM Green Hydrogen Project, a joint venture with NEOM and Air Products. This project, already under construction, is slated to become the world's first utility-scale green hydrogen plant, producing 1.2 million tons of green ammonia annually. Additionally, ACWA Power is venturing into new projects in countries like Uzbekistan, Tunisia, and Egypt with the aim of exporting green hydrogen to European markets, showcasing the company's commitment to sustainable energy practices. The collaboration between ACWA Power and SEFE signifies a positive advancement towards a more sustainable and environmentally friendly future, aligning with the global shift towards decarbonization and the increased utilization of renewable energy sources.