Riyadh, Saudi Arabia: ENGIE, the leading provider of low-carbon energy services and solutions for integrated utilities management, has signed a memorandum of understanding (MoU) with the Public Investment Fund (PIF) for the joint development of green hydrogen projects and its derivatives in Saudi Arabia, exploring opportunities that contribute to enhancing the energy transition within 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, paving the way for the two parties to explore opportunities to jointly develop projects for green hydrogen and derivatives production for export.
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.
PIF and ENGIE are to evaluate the feasibility of co-development opportunity. Additionally, the two parties will jointly formulate a strategy to best approach the international market and secure offtake arrangements.
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.
About ENGIE in Saudi Arabia:
ENGIE has been present in the region for more than 30 years. ENGIE develops its activities in partnership with Saudi actors on energy production, seawater desalination, district cooling, energy efficiency services and high value-added facilities management. We have 2000 employees and over USD 7.9 Billion of capital investment in the Kingdom. ENGIE generates 7600 MW of power, equivalent to 10% of the installed capacity of Saudi Arabia and produces 176 MIGD of desalinated water per day, equivalent to 11% of market production.
About ENGIE Group:
ENGIE is a global reference in low-carbon energy and services. With its 96,000 employees, its customers, partners and stakeholders, the Group is committed to accelerate the transition towards a carbon-neutral world, through reduced energy consumption and more environmentally-friendly solutions. Inspired by its purpose (“raison d’être”), ENGIE reconciles economic performance with a positive impact on people and the planet, building on its key businesses (gas, renewable energy, services) to offer competitive solutions to its customers. Turnover in 2022: 93.9 billion Euros. The Group is listed on the Paris and Brussels stock exchanges (ENGI) and is represented in the main financial indices (CAC 40, Euronext 100, FTSE Euro 100, MSCI Europe) and non-financial indices (DJSI World, Euronext Vigeo Eiris – Europe 120 / France 20, MSCI EMU ESG screened, MSCI EUROPE ESG Universal Select, Stoxx Europe 600 ESG-X).