ACWA Power has inked a MoU with Zenith Energy Terminals, GasLog, and the Port of Amsterdam to investigate the feasibility of establishing a green hydrogen export corridor between ACWA Power’s global hydrogen production sites and the Port of Amsterdam. The MoU was executed by the companies on October 23, 2023, during the Saudi-EU Investment Forum in Riyadh.
The European Union and the Saudi Arabian Ministry of Investment jointly organised the meeting. This MoU expands on an earlier arrangement signed between Saudi Arabia and the Netherlands, with the goal of increasing cooperation in a variety of sectors such as clean hydrogen, marine transport technologies, standards, certification, and ensuring the development of productive international supply chains connecting both countries.
A comprehensive feasibility study will be carried out by Zenith Energy Terminals, GasLog, and ACWA Power as part of the MoU to construct a trade corridor for liquified green hydrogen between the port of Amsterdam and ACWA Power’s production sites. Based on the study’s findings, stakeholders may enter into a Joint Development Agreement to define duties and responsibilities, as well as interact with possible off-takers in the region of Amsterdam’s port and its hinterland. The parties will also look into potential incentives that could increase demand and lower the cost of green hydrogen.
In July 2023, the ACWA Power-led consortium completed funding for Al-Shuaibah 1 and Al-Shuaibah 2, totalling $2.2 billion in investment. The main partners in the financing structure, which combines long-term debt and equity, were ACWA Power, Badeel, and Saudi Aramco. Acme Power has a 35 per cent equity position in the projects.