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Saudi Arabia's Public Investment Fund, the kingdom's sovereign wealth fund, has signed a memorandum of understanding (MoU) with Japan's biggest power generator JERA Co., Inc. to explore opportunities to develop green hydrogen projects and derivatives.
The MoU paves the way for the two parties to begin feasibility studies for the potential development of green hydrogen and derivatives projects that would be aiming to support domestic and international markets, the Japanese company said in a statement on Thursday.
Earlier this year, JERA signed an MoU with Abu Dhabi National Energy Company, also called TAQA, to develop low or zero-emission thermal power projects and other green projects in the Middle East.
In October 2021, JERA established JERA Middle East & Africa Management Co. Ltd. in Dubai, UAE, with a view of developing combined cycle power plant, large-scale renewable energy projects and green fuel production projects.
JERA has already existing gas-fired power and desalination projects in the GCC region and remain actively prospecting, with potential partners in the Middle East, to expand its development of decarbonization projects.
(Reporting by Brinda Darasha; editing by Seban Scaria)
