Engie, French low-carbon energy firm has signed a memorandum of understanding (MoU) with the Saudi’s Public Investment Fund (PIF) to develop green hydrogen projects and its derivatives in Saudi Arabia.
The partnership would further explore opportunities towards enhancing the energy transition focusing 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.
Commenting on the partnership, Claux said, “The MoU between ENGIE and PIF will foster strategic partnership in developing green hydrogen projects in the Kingdom.” He further added, “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.”
Both the firms aims at evaluating the feasibility of co-development opportunity. Also, a strategy will be planned for the best approach towards the international market and secure offtake arrangements.
It is expected that the deal will enable ENGIE to work closely with PIF in Saudi Arabia in diversifying and strengthening the Kingdom’s economy, which would help Saudi to be competitive in producing and supplying hydrogen and derivatives.