en.Wedoany.com Reported - Saudi Arabia has granted its international water and power company, Acwa Power, exclusive rights to export hydrogen and other green fuels, accelerating the development of non-fossil energy projects.
The state-backed company will also build a massive cross-border power grid to transmit renewable electricity produced in Saudi Arabia to Europe and other Middle Eastern countries.
Under the "Vision 2030" plan proposed by Crown Prince Mohammed bin Salman, Saudi Arabia is striving to become a clean energy powerhouse. The country is currently building vast desert wind and solar farms, as well as facilities for producing fuels such as green hydrogen.
These facilities include the world's largest hydrogen production plant within the Neom mega-project. The plant is planned to produce up to 600 tons of carbon-free hydrogen per day by 2027.
Hydrogen is widely used globally, primarily in oil refining and the production of ammonia and fertilizers. Governments across the Middle East and North Africa are supporting some of the industry's largest green hydrogen projects, aiming to leverage cheap renewable energy to become major exporters of low-carbon fuels by the 2030s.
Green hydrogen is produced by using electricity from renewable sources such as solar or wind power to split water into hydrogen and oxygen through electrolysis. Its main uses include fueling heavy transport vehicles like buses, producing clean fertilizers, and steel manufacturing.
Acwa, listed on the Saudi Stock Exchange (Tadawul), will also monopolize the export of green ammonia, green methanol, and green fuels. The group holds 111 assets across 16 countries, with total managed assets valued at 469 billion Saudi riyals (approximately $125 billion).
Acwa CEO Samir Sehan said that green hydrogen and renewable electricity exports represent a new chapter in Saudi Arabia's energy leadership, creating new opportunities for economic growth while contributing to global energy security and the energy transition.
Acwa Power, 44% owned by the Saudi Public Investment Fund, closed at 192.90 Saudi riyals on Monday, with its stock up about 6% year-to-date.
