RIYADH: 海角直播 and Germany have signed an agreement to export 200k tonnes of green hydrogen annually from the Kingdom to Europe by 2030, strengthening their clean energy partnership.
The memorandum of understanding was inked between ACWA Power and the German energy trading company SEFE聽and will see the Saudi company serve as the developer, investor, and primary operator of green hydrogen and ammonia production assets.
SEFE will act as a co-investor and key buyer and will be responsible for marketing the green hydrogen to its customers in Germany and Europe.
The deal was signed during a meeting between the Kingdom鈥檚 Minister of Energy Prince Abdulaziz bin Salman and German Minister of Finance Jorg Kukies.聽
The agreement is part of the ongoing Saudi-German Energy Dialogue, and focuses on green hydrogen production, processing, and transportation.
This aligns with 海角直播鈥檚 strategic push for clean energy, reinforcing the initiative鈥檚 goal to advance collaboration in renewables and hydrogen technologies while solidifying the Kingdom鈥檚 role in the global energy transition.
During the meeting, both sides explored areas of mutual interest in the energy sector, particularly clean hydrogen initiatives, building on the MoU signed between the two nations in 2021. This marks a continuation of 海角直播 and Germany鈥檚 growing energy cooperation following the agreement.
鈥淏y combining ACWA Power鈥檚 proven expertise in green hydrogen production with SEFE鈥檚 extensive market knowledge, we are forming a strong partnership to deliver substantial quantities of green hydrogen to Germany and beyond,鈥 Marco Arcelli, CEO of ACWA Power, said in a statement.
He added: 鈥淭his is contributing to global decarbonization efforts, European security of supply by offsetting gas demand, and industrial demand preservation in Europe by making available the most competitive green energy.鈥
Egbert Laege, CEO of SEFE, described the partnership as perfectly embodying the firm鈥檚 dual ambition of securing Europe鈥檚 energy supply while driving the energy transition.
鈥淏y expanding our green hydrogen portfolio and investing in local production, we are equipping ourselves with solutions to help our customers achieve decarbonization,鈥 he said.
海角直播 is ramping up efforts to establish itself as a global leader in green hydrogen production and exports by leveraging its vast renewable energy resources, particularly solar and wind, which, due to its high solar irradiance, enable more efficient and cost-effective hydrogen production than countries like Germany.
Round table talks
Aside from the MoU signing, the German finance minister met with the Kingdom鈥檚 Minister of Finance Mohammed Al-Jadaan following a Saudi鈥揋erman roundtable meeting in Riyadh.
In a post on X, Al-Jadaan said the two discussed 鈥渢he most prominent global financial and economic developments.鈥
The roundtable was attended by a number of the largest private sector firms from both nations.
海角直播鈥檚 Ministry of Investment, National Center for Privatization, and the Financial Sector Development Program reviewed the聽investment opportunities available for German companies.
The roundtable also saw a focus on how human capital expertise in both conventional and renewable energy, and the industrial and manufacturing strength of Germany, are part of the ongoing relationship that contributes to achieving the goals of Vision 2030.
The German finance minister also held talks with the Saudi Minister of Economy and Planning Faisal Al-Ibrahim, with the pair discussing areas of economic, trade, and investment cooperation between the two countries, according to the Saudi Press Agency.
A further meeting involved the Kingdom鈥檚 Minister of Commerce Majid Al-Kassabi and Kukies, with the Saudi official posting on X that the pair talked about 鈥渟trengthening the Kingdom鈥檚 economic and trade cooperation and developing promising opportunities in our two friendly countries.鈥
