Saudi Minister of Energy Prince Abdulaziz bin Salman bin Abdulaziz met in Riyadh on Monday with German Minister of Finance Jörg Kukies to discuss key topics of mutual interest in the energy sector, including efforts related to clean hydrogen, building on the memorandum of understanding (MoU) signed by both sides in 2021.
Following the meeting, the two ministers witnessed the signing of the "Saudi-German Green Hydrogen Bridge" MoU between ACWA Power and SEFE, aimed at producing and exporting green hydrogen and ammonia from Saudi Arabia to Europe.
Under the MoU, ACWA Power and SEFE will jointly develop projects with an initial target of exporting 200,000 tons of green hydrogen annually from Saudi Arabia to Europe by 2030. ACWA Power will serve as the developer, investor, and primary operator of production assets, while SEFE, a major European energy company, will act as a co-investor and primary off-taker, responsible for marketing the hydrogen across Germany and Europe.
This step supports Saudi Arabia's efforts to solidify its position as a leading producer and exporter of green hydrogen and aligns with the goals of the MoU signed under the Saudi-German Energy Dialogue to strengthen cooperation in renewable energy and clean hydrogen technologies.
