Riyadh - Mubasher: ENGIE, the leading provider of low-carbon energy services and solutions for integrated utility management, has inked a memorandum of understanding (MoU) with the Public Investment Fund (PIF) to develop green hydrogen projects and its derivatives in Saudi Arabia.

The French utility company and the Saudi sovereign wealth fund will explore opportunities that can boost the energy transition objective under the Kingdom’s Vision 2030, according to a press release.

ENGIE’s Managing Director, Flexible Generation and Retail, Frédéric Claux signed the MoU with the PIF’s Deputy Governor and Head of MENA Investments, Yazeed Alhumied.

Commenting on the agreement, Claux said: “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.”

The French official added: “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.”

PIF and ENGIE will assess the workability of this co-development opportunity while collaborating to develop an ideal strategy to approach the international market and secure offtake arrangements.

The MoU will allow ENGIE and PIF to cooperate to diversify Saudi Arabia's economy and increase its competitiveness in the production and supply of hydrogen and derivatives.