Saudi Gazette report

RIYADH — Saudi Arabia and Germany signed a memorandum of understanding (MoU) to establish the Saudi-German Green Hydrogen Bridge between ACWA Power and the German company SEFE. The project aimed to produce and export green hydrogen and green ammonia from Saudi Arabia to Europe.

The ceremony of signing the MoU was held in the presence of Minister of Energy Prince Abdulaziz bin Salman and Germany’s Minister of Finance Jörg Kukies in Riyadh on Monday. During their meeting, the ministers discussed key topics of mutual interest in the energy sector, including efforts related to clean hydrogen on the basis of the MoU signed by both sides in 2021.

Under the MoU, ACWA Power and SEFE will develop joint projects, with an initial goal of exporting 200,000 tons of green hydrogen annually from Saudi Arabia to Europe by 2030. According to the MoU, ACWA Power will act as a developer, investor and major operator of green hydrogen and green ammonia production assets, while SEFE will act as a co-investor and major buyer, as one of the largest energy trading companies in Europe, to undertake the task of marketing green hydrogen to its customers in Germany and Europe.

This step comes as part of Saudi Arabia's efforts to strengthen its position as one of the leading countries in the production and export of green hydrogen. This cooperation is also aimed to achieve the objectives of the MoU signed between the two countries within the framework of the Saudi-German Energy Dialogue that aims to enhance partnership in the fields of renewable energy and clean hydrogen technologies.

It is noteworthy that SEFE, an international energy company, ensures the security of supply and drives the decarbonization of its customers. The German state-owned company's activities span the energy value chain, from origination and trading to sales, transport and storage.