France-based global utility company ENGIE announced on Thursday that it has signed a memorandum of understanding (MoU) with Saudi sovereign wealth fund Public Investment Fund (PIF) for the joint development of green hydrogen projects and its derivatives in Saudi Arabia.

The MoU was signed by Frederic Claux, Managing Director, Flexible Generation and Retail, AMEA from ENGIE and Yazeed Alhumied, Deputy Governor and Head of MENA Investments from PIF.

Under the MoU, PIF and ENGIE will evaluate the feasibility of co-development opportunity, and jointly formulate a strategy to best approach the international market and secure offtake arrangements, ENGIE said in a press statement.

Claux said the MoU will foster strategic partnership between the two entities in developing green hydrogen projects that would enable the Kingdom to become one of the top exporters of green hydrogen worldwide.

(Editing by Anoop Menon)

(anoop.menon@lseg.com)