ENGIE, a prominent provider of low-carbon energy services and solutions, has entered into a significant memorandum of understanding (MoU) with the Public Investment Fund (PIF) in Saudi Arabia. This strategic partnership aims to collaboratively develop green hydrogen projects and explore related derivatives. By aligning with the objectives of the Saudi Vision 2030, this initiative seeks to enhance the energy transition and contribute to the sustainable goals of the country. ENGIE and PIF are committed to driving the adoption of clean energy solutions and fostering a greener future for Saudi Arabia.
Frederic Claux, the Managing Director of Flexible Generation and Retail, AMEA at ENGIE, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments at PIF, joined forces to sign the MoU. This milestone agreement opens doors for collaborative exploration of project development in the production and export of green hydrogen and its derivatives. ENGIE and PIF are poised to leverage their expertise and resources to drive forward the advancement of sustainable energy solutions and contribute to the global green hydrogen market.
Frédéric Claux said,” The MoU between ENGIE and PIF will foster strategic partnership in developing green hydrogen projects in the Kingdom.”
“We, at ENGIE, are proud to contribute to driving the energy transition in the Kingdom and achieving its aspirations and goals in the green hydrogen sector. 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.
Under the MoU, PIF and ENGIE will undertake a comprehensive feasibility assessment for a potential co-development opportunity. Moreover, both entities will collaborate on formulating a strategic plan to effectively enter the international market and establish reliable offtake agreements.
This agreement empowers ENGIE to closely collaborate with PIF in Saudi Arabia, playing a pivotal role in diversifying the country’s economy and enhancing its global competitiveness in the production and supply of hydrogen and its derivatives. By leveraging their combined expertise, PIF and ENGIE aim to drive sustainable economic growth and reinforce Saudi Arabia’s position in the global hydrogen market.
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 have signed an MoU to jointly develop hydrogen projects in Saudi Arabia. The partnership aims to advance the production and export of green hydrogen and its derivatives, aligning with the objectives of Saudi Vision 2030. Through collaboration and feasibility assessments, ENGIE and PIF seek to drive the energy transition, diversify the economy, and establish Saudi Arabia as a global leader in the green hydrogen industry.){kind=link}