ENGIE, the leading provider of low-carbon energy services and solutions for integrated utilities management, has signed a memorandum of understanding (MoU) with the Public Investment Fund (PIF) for the joint development of green hydrogen projects and its derivatives in Saudi Arabia.

The MoU was signed by Mr. Frederic Claux, Managing Director, Flexible Generation and Retail, AMEA from ENGIE and Mr. Yazeed Alhumied, Deputy Governor and Head of MENA Investments from PIF, paving the way for the two parties to explore opportunities to jointly develop projects for green hydrogen and derivatives production for export.

PIF and ENGIE are to evaluate the feasibility of a co-development opportunity. Additionally, the two parties will jointly formulate a strategy to best approach the international market and secure offtake arrangements.

The MoU will enable ENGIE to work closely with PIF in Saudi Arabia in diversifying the Kingdom’s economy and strengthen its global competitiveness in producing and supplying hydrogen and derivatives.