Saudi Arabia's Vision 2030 has seen a significant transformation towards renewable energy and green hydrogen, with ACWA Power emerging as a crucial player in this transition. The company's financial results showcase its expertise in renewable energy development and its role in scaling Saudi Arabia's National Renewable Energy Programme. ACWA's flagship Neom Green Hydrogen Project, a joint venture with Air Products, aims to produce green hydrogen at a low cost using the kingdom's abundant solar and wind resources. However, the project's scalability depends on securing long-term offtake agreements. The Saudi government's ambitious goals to produce green hydrogen are supported by substantial investments and partnerships, with the Neom project being a cornerstone. Despite this, concerns about regulatory stability and policy shifts pose risks. The global green hydrogen market shows significant growth potential, and ACWA's strategic position could allow it to capture a substantial share. While ACWA Power presents investment opportunities in the energy transition, risks such as pricing volatility, technological challenges, and geopolitical dynamics need to be considered. Investors are advised to monitor the progress of key projects, Saudi Arabia's fiscal health, and market sentiments for insights into the sector's trajectory. ACWA's diversified portfolio and focus on recurring revenue provide resilience, but a cautious approach is recommended to navigate the evolving green hydrogen landscape.