Saudi Public Investment Fund (PIF) has signed a memorandum of understanding (MoU) with Japan’s biggest power generator JERA Company Inc. to develop green hydrogen projects.
The agreement will enable the two parties to begin feasibility studies for the potential development of green hydrogen and derivatives projects aimed to support domestic and international markets.
JERA highlighted that the deal is expected to further unlock valuable synergies by jointly leveraging the resources and capabilities in developing green hydrogen derivatives, including ammonia, mainly for exports from Saudi Arabia.
The partnership aligns with the Kingdom’s economic transformation strategy to back the delivery of the country’s net-zero target by 2060.
Hence, PIF has been investing in green projects to lead in addressing climate change.
Earlier this year, JERA signed an MoU with Abu Dhabi National Energy Company (TAQA) to develop low or zero-emission thermal power projects and other green projects in the Middle East.
