Riyadh – Mubasher: ACWA Power has signed a memorandum of understanding (MoU) with Snam, a leading European operator in natural gas transportation, to establish a supply chain of green hydrogen to Europe.
The two parties will explore collaboration and joint investments to boost energy security and the transition to Net Zero, according to a press release.
They will create an international supply chain for a dependable and cost-effective supply of green hydrogen from Saudi Arabia to Europe.
Additionally, the partnership aims to evaluate the development of an ammonia import terminal in Italy to facilitate the delivery of green hydrogen through the South H2 Corridor.
Marco Arcelli, CEO of ACWA Power, said: “With power sector emissions already down 40% compared to 20 years ago, we now need to focus our collective efforts on new, low carbon molecules to decarbonise our sectors.”
Stefano Venier, CEO of Snam, noted: “Hydrogen plays a key-role here, and we are glad to pursue development opportunities in this field also through agreements like the one we signed with ACWA Power: the development of the ammonia import terminal is synergic with that of the South H2 Corridor.”
ACWA Power serves as a developer, investor, and operator of green hydrogen and green ammonia production facilities in Saudi Arabia.
Earlier this month, the Tadawul-listed company entered China's renewable energy market with investment agreements for over 1 gigawatt (GW) of projects across multiple provinces.
