Saudi Arabia to become a major player in green hydrogen
Saudi Arabia’s Public Investment
Fund (PIF) is launching a new venture with plans to invest an estimated $10
billion in green hydrogen production. This initiative aligns with Saudi
Arabia’s strategy to become a global leader in hydrogen fuel, supporting its
energy transition goals.
The newly created subsidiary, Energy
Solutions Company, will focus on funding projects that promote low-carbon fuel,
according to sources reported by Bloomberg. The investment is expected to
expand as demand for hydrogen grows and as new projects come online.
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A portion of the investment will
reportedly be in partnership with Saudi Aramco. Former Thyssenkrupp Uhde CEO
Cord Landsman is expected to lead the venture, with the official launch
anticipated later this month.
The Neom Green Hydrogen Company, a
key component of Saudi Arabia's green energy plans, received its first wind
turbine delivery in October 2023. In June, Investment Minister Khalid Al Falih
stated that PIF is preparing to announce additional hydrogen projects under its
energy transition strategy.
Saudi-listed Acwa Power announced in
March that a combination of long-term debt and equity will fund the $8.5
billion Neom Green Hydrogen Project. This project, critical to Saudi Arabia's
ambitions, aims to position the kingdom as the world’s leading hydrogen
producer.
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Notably, PIF signed a preliminary
agreement with French utilities company Engie in July last year to jointly
develop green hydrogen projects in Saudi Arabia. As countries worldwide embrace
hydrogen as part of their renewable energy strategies, Saudi Arabia joins at
least 17 other nations and the European Union with hydrogen-focused policies,
with many more in development.
Source: https://www.agbi.com/
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