Energy firm JERA and the Public Investment Fund (PIF) have joined hands to give a push to green hydrogen projects and derivatives like ammonia. These will mainly be exported from Saudi Arabia.
The MOU has been signed between Yuichiro Kato, Executive Officer, Head of the LCF Value Chain Division at JERA, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments at PIF.
In 2022, JERA, JERA set up JERA Middle East and Africa Management Co. Ltd. in Dubai, UAE, for combined cycle power plants, renewable energy projects, and green fuel production.
Meanwhile, PIF has been a key player contributing to Saudi Arabia’s economic transformation and diversification goals. PIF has been taking initiatives around Green Hydrogen, renewable energy, energy efficiency, and waste management. The MOU with JERA opens up opportunities for synergies and cooperation between the two entities, enabling the joint development of green hydrogen derivatives. This partnership is expected to create new business opportunities for both JERA and PIF.
Lately, the middle east region has been seeing action on green hydrogen. The region is looking to be a leader in the sector. “The Middle Eastern renewable energy market is expected to achieve a CAGR of 13.43 percent between 2019 and 2028” as per a study.