ACWA Power, recognized as the largest private water desalination firm globally and a pioneer in energy transition and green hydrogen, has established strategic Memoranda of Understanding (MoUs) with four notable Italian organizations.
These agreements were formalized during the Italian Prime Minister’s visit to Saudi Arabia, coinciding with the Saudi-Italian High Level Roundtable Meeting in AlUla. The objective is to enhance collaboration in project financing, insurance, energy generation, and water desalination technologies.
The partnerships involve Cassa Depositi e Prestiti (CDP), Italy’s financial institution for development cooperation; De Nora, a multinational specializing in water treatment solutions; SACE, the Italian Export Credit Agency; and Ansaldo Energia, a manufacturer of power generation equipment. The agreement with Ansaldo Energia was signed through NOMAC Holding, a wholly owned subsidiary of ACWA Power.
“The potential for collaboration between Saudi and Italian firms is vast in supply, localization, financing, and energy sectors. We are confident that combining our expertise and resources will significantly propel the energy transition and water security, fostering sustainable infrastructure development not only in our countries but also in Africa, Central and Southeast Asia, and across the Middle East.” Marco Arcelli, CEO of ACWA Power, stated that.
ACWA Power’s alliances with Italian firms encompass multiple sectors. The three-year agreement with CDP is centered on projects in countries eligible for official development assistance, while also encouraging cooperation between ACWA Power and Italian businesses within global supply chains. Simultaneously, the collaboration with De Nora aims to incorporate advanced water treatment technologies into ACWA Power’s desalination initiatives, including joint assessments of disinfection technologies and pilot tests of innovative systems.
SACE’s participation is twofold: one agreement focuses on insurance and financial solutions to support Italian exports and international expansion, while another establishes a framework for ACWA Power to source goods and services from Italian companies, both designed to enhance trade and investment between Saudi Arabia and Italy. Furthermore, the two-year agreement between NOMAC Holding and Ansaldo Energia will enhance service capabilities in refurbishing gas turbine parts, targeting specific regions and exploring joint projects in Africa utilizing Italian concessional finance.
The agreements made by ACWA Power with prominent Italian entities align with the Mattei Plan initiative, which promotes sustainable development and economic collaboration between Europe and crucial regions in Africa and beyond.
These partnerships illustrate Italy’s strategic commitment to boosting growth and investment opportunities in nations such as Morocco, Tunisia, Egypt, and Senegal—markets where ACWA Power is currently active or plans to enter—while reinforcing EU-MENA relations to support the global energy transition.
In 2024, ACWA Power announced the signing of 21 new projects valued at USD 14.5 billion, which will contribute 14.5 GW of power and 0.4 million m³/day of water desalination capacity to its portfolio. The company aims to triple its assets under management to 250 assets and USD 250 billion by 2030, striving for global leadership in water desalination and renewable energy. This strategy includes plans to develop 70% of Saudi Arabia’s renewable energy pipeline while also expanding into international markets such as Uzbekistan, China, and Africa, where ACWA Power is already making significant progress.
Source : ACWA Power
