Dubai: Saudi Arabia’s Public Investment Fund (PIF) launches a new entity aimed at investing approximately $10 billion (Dh36.7 billion) in green hydrogen production.
The new subsidiary, called Energy Solutions Company, will concentrate on financing the development of low-carbon fuels, as reported by Bloomberg.
This investment is expected to expand in the coming years due to rising demand for hydrogen and a strong project pipeline.
Some of the funding will be in partnership with Saudi Aramco. The official launch of Energy Solutions Company is anticipated later this month.
In June, Saudi Arabia’s minister of investment, Khalid Al Falih, indicated that a series of hydrogen projects would be announced under PIF as part of the country's broader transition strategy.
In March, Acwa Power, a publicly listed company in Saudi Arabia, revealed plans to finance the $8.5 billion (Dh31 billion) Neom Green Hydrogen Project through a combination of long-term debt and equity, an essential part of Saudi Arabia’s goal to become a global leader in hydrogen production.
