ACWA Power, Sefe sign MoU to boost Saudi-Europe green hydrogen, ammonia exports

Saudi Arabia’s Minister of Energy Prince Abdulaziz bin Salman, and, German Minister of Finance Jörg Kukies witnessed the signing of the Saudi-German green hydrogen bridge memorandum of understanding (MoU) between ACWA Power and Germany’s Safe.

The agreement aims to facilitate the production and export of green hydrogen and green ammonia from Saudi Arabia to Europe, Saudi Press Agency reported.

The MoU outlines a collaboration between ACWA Power and Sefe on joint projects, initially targeting the export of 200,000 tons of green hydrogen annually from Saudi Arabia to Europe by 2030.

Under the agreement, ACWA Power will serve as the developer, investor, and primary operator of green hydrogen and green ammonia production assets. Meanwhile, Sefe, one of Europe’s largest energy trading companies, will act as a co-investor and key off-taker, responsible for marketing green hydrogen to its customers in Germany and across Europe.

This agreement is part of Saudi Arabia’s efforts to strengthen its position as a global leader in green hydrogen production and export. It also aligns with the objectives of MoU signed between the two countries under the Saudi-German Energy Dialogue, which aims to enhance cooperation in renewable energy and clean hydrogen technologies.