ACWA Power has inked agreements and memoranda of understanding (MoUs) with international partners. The agreements aim to create a green hydrogen and renewable energy export value chain between Saudi Arabia and Europe. A multi-party MoU was signed by ACWA Power with several European companies. The companies included Italy’s Edison S.p.A. and Zhero Europe B.V., France’s TotalEnergies Renewables SAS, and Germany’s EnBW.
Individual MoU’s were also inked with companies involved in the development of electricity corridors, including Italian technical consultant CESI and HVDC technology and cable providers such as Prysmian, GE Vernova, Siemens Energy and Hitachi. Further, a joint development agreement was concluded with EnBW for the first phase of the Yanbu green hydrogen hub. The hub is expected to reach commercial operations by 2030.
Earlier in July 2025, ACWA Power, in partnership with Badeel and the Saudi Aramco Power Company (SAPCO), entered into power purchase agreements with the Saudi Power Procurement Company (SPPC) for the development of seven utility-scale renewable energy projects. These include five solar photovoltaic plants and two wind power projects, with a cumulative generation capacity of 15 GW.
