Saudi Arabia’s Public Investment Fund (PIF) and ENGIE have signed a Memorandum of Understanding (MoU) to develop green hydrogen projects and its derivatives in the kingdom in line with the objectives of the Saudi Vision 2030.
The partnership was officiated by Managing Director, Flexible Generation and Retail, AMEA, ENGIE, Frederic Claux and Deputy Governor, Head of MENA Investments, PIF, Yazeed Alhumeid.
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.
Both parties are to evaluate the feasibility of co-development opportunities and are set to jointly formulate a strategy to approach international markets and to secure offtake arrangements.
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