Saudi ACWA Power and Austria's electricity company Verbund have undersigned a memorandum of understanding during the ongoing Abu Dhabi Sustainability Week to jointly explore the potential development of green hydrogen projects in the Middle East to produce hydrogen, Kallanish notes.

The green hydrogen will be used by Verbund as a renewable energy source for Central Europe with a primary focus on Austria, according to a company release.

"Today’s announcement is another illustration of our enduring commitment to bringing ingenuity and entrepreneurship together to ensure power is generated reliably, responsibly, and sustainably at the global level," opines ACWA Power Chairman Mohammad Abunayyan. "Verbund is a company that shares our vision for widespread renewables integration and long-term decarbonisation – and working with such a like-minded entity will be key to unlocking the many possibilities that accompany our partnership."

Verbund chief executive Michael Strugl commented on the agreement: "Verbund is Austria’s leading energy company and one of the largest producers of hydroelectricity in Europe. With our portfolio of renewable energy production, transportation of electricity and gas, and energy trading and services, we cover the whole energy value chain. Green hydrogen is a logical next step."

The Neom Green Hydrogen Company (NGHC), an equal joint venture between ACWA Power, Air Products and NEOM, is developing the world’s first at-scale green hydrogen project. The $5 billion project will produce 600 tonnes/day of green hydrogen, translating into an annual production capacity of 1.2 million t of green ammonia. The developers plan for the plant to be operational by 2026. Relying on 4 gigawatts of Saudi solar and wind power, the project will be available for global export through a 100% offtake agreement with Air Products (see Kallanish passim).