ACWA Power, the largest private water desalination company globally and a pioneer in energy transition and green hydrogen, has announced the signing of Memorandums of Understanding (MoUs) with U.S. firms worth a total of USD 500 million. These agreements, formalized at the Saudi–U.S. Investment Forum in Riyadh, enhance ACWA Power’s existing partnerships with American companies, which now exceed USD 6 billion.
These agreements build upon a long-standing collaboration between Saudi Arabia and the U.S., further solidifying the strategic partnership between the two nations. They aim to foster innovation and investment in the energy sector while supporting Saudi Arabia’s Vision 2030 and its goal of achieving net zero emissions by 2060.
Raad Al Saady, Vice Chairman and Managing Director of ACWA Power, remarked, “These strategic collaborations with leading American firms represent a direct investment in Saudi Arabia’s future. ACWA Power is dedicated to utilizing American innovation and expertise to accelerate renewable energy development, create jobs, diversify the economy, and promote a sustainable future for the Kingdom.”
Marco Arcelli, Chief Executive Officer of ACWA Power, stated, “Our strategy is centered on value-driven partnerships like these. Access to advanced technology and expertise is essential as we diversify our portfolio, enter new markets, and strive to meet our net zero goal by 2050.”
The MoUs signify a major advancement in enhancing the Saudi-U.S. partnership and promoting sustainable development within the energy sector. ACWA Power will strengthen its position in solar energy by collaborating on advanced tracker technologies for photovoltaic projects, aiming to lower energy costs and boost local production capabilities. Additionally, ACWA Power is partnering with GE Vernova to test and implement innovations in core equipment for combined-cycle gas turbine projects and electricity transmission and distribution systems in the Kingdom.
Another agreement involves a partnership with Baker Hughes to explore innovations in green hydrogen production, leveraging their expertise to develop electrolysis solutions that enhance safety and efficiency, with potential for local manufacturing to foster an innovative green hydrogen ecosystem.
ACWA Power has also teamed up with KBR for large-scale projects, utilizing KBR’s ammonia technology and engineering services, including program management and operational expertise to ensure project success.
Furthermore, a collaboration with Energy Recovery focuses on research aimed at improving energy efficiency in seawater desalination plants using advanced PX technology.
These MoUs mark a significant step in reinforcing the Saudi-U.S. partnership and advancing sustainable energy development. They highlight ACWA Power’s proven track record of successful collaborations with leading U.S. companies and institutions across various sectors, including equity investments with EIG and Air Products, and technology development with firms such as Nextracker, Baker Hughes, DuPont, and Energy Recovery.
Additionally, ACWA Power collaborates with prestigious American universities like Yale, MIT, and UCLA on research and development initiatives.
Source: ACWA Power
