Riyadh: French low-carbon energy company Engie has signed a memorandum of understanding with the Public Investment Fund for the joint development of green hydrogen projects and its derivatives in Saudi Arabia, exploring opportunities that contribute to enhancing the energy transition within the objectives of the Saudi vision 2030.
The MoU was signed by Frederic Claux, Managing Director, Flexible Generation and Retail, AMEA from ENGIE, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments from PIF.
Claux said: “The MoU between ENGIE and PIF will foster strategic partnership in developing green hydrogen projects in the Kingdom.”
“Our partnership with PIF will contribute to laying robust foundations for the green hydrogen industry, enabling the Kingdom to be one of the top exporters of green hydrogen worldwide,” Claux added.
PIF and ENGIE are to evaluate the feasibility of co-development opportunity. Additionally, the two parties will jointly formulate a strategy to best approach the international market and secure offtake arrangements.
The MoU will enable ENGIE to work closely with PIF in Saudi Arabia in diversifying the Kingdom’s economy and to strengthen its global competitiveness in producing and supplying hydrogen and derivatives.