With a view to work together on the development of green hydrogen projects and related ventures in Saudi Arabia, ENGIE, a leading eco-friendly energy services and solutions provider, has signed a memorandum of understanding (MOU) with the Public Investment Fund (PIF).
This alliance intends to investigate possibilities that promote the energy transformation in line with Saudi Vision 2030 goals, ENGIE wrote in a statement.
The MoU, signed by Frederic Claux, Managing Director of Flexible Generation and Retail, AMEA at ENGIE, and Yazeed Alhumied, Deputy Governor and Head of MENA Investments at PIF, establishes a framework for the two entities to jointly explore the development of projects focused on producing green hydrogen and its derivatives for export, the statement noted.
Commenting on the development, Frédéric Claux said, “The MoU between ENGIE and PIF will foster strategic partnership in developing green hydrogen projects in the Kingdom.”
He explained, “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.”
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.
Under the MOU, PIF and ENGIE will assess the feasibility of co-development opportunities and collaborate on formulating a strategy to effectively approach the international market and secure agreements for hydrogen offtake.