Saudi Arabia’s ACWA Power has signed a series of agreements with leading European energy firms to spearhead the development of a green hydrogen and renewable energy export corridor from the Kingdom to Europe.
The move strengthens ACWA Power’s role at the centre of Saudi Arabia’s clean energy transition and underscores its strategic leadership in the India-Middle East-Europe Economic Corridor (IMEC).
A multi-party MoU was concluded between ACWA Power and European utilities and developers, including Edison S.p.A. (Italy), TotalEnergies Renewables SAS (France), Zhero Europe B.V. (Italy), and EnBW (Germany).
The agreement sets a framework for assessing the feasibility of large-scale renewable projects in Saudi Arabia, with a view to exporting electricity to Europe through new transmission corridors.
Additional MoUs were signed with CESI (Italy), Prysmian, GE Vernova, Siemens Energy (Germany), and Hitachi (France), targeting the development of high-voltage transmission infrastructure to enable long-distance power exports.
Meanwhile, ACWA Power and EnBW also signed a Joint Development Agreement for the first phase of the Yanbu Green Hydrogen Hub, which is expected to begin commercial operations by 2030.
The project will feature its own captive renewables generation, desalination systems, and ammonia export terminal, positioning it as a fully integrated green hydrogen facility.
The agreements, signed in Riyadh during a workshop hosted by ACWA Power and supervised by the Ministry of Energy, aim to create a value chain for exporting green electricity and hydrogen to Europe.
They form part of Saudi Arabia’s strategic role in the India-Middle East-Europe Economic Corridor (IMEC), a logistics and trade initiative linking Asia and Europe via the Gulf. With its unique geographic position and abundant renewable resources, the Kingdom is positioning itself as a key clean energy bridge between East and West.
The workshop underscored the government’s drive to diversify its energy mix, enhance regional grid integration, and support the objectives of Vision 2030, its sweeping plan for economic transformation and sustainability leadership.
