ACWA Power expands Saudi-US energy cooperation with $500m deals
RIYADH: Saudi Arabia's ACWA Power has signed new agreements worth $500 million with several US firms, further solidifying its strategic ties with the country and expanding the scope of joint energy projects to over $6 billion.
The memorandums of understanding were formalized during the Saudi-US Investment Forum held in Riyadh, underlining ACWA Power's ongoing commitment to leveraging international partnerships in support of the Kingdom's Vision 2030 goals and its net zero target by 2060.
The agreements come in the wake of US President Donald Trump's visit to Saudi Arabia, during which he was accompanied by a delegation of leading business figures.
'These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,' said Raad Al-Saady, vice chairman and managing director of ACWA Power.
He added: 'ACWA Power is committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom.'
Among the highlights of the new collaborations, ACWA Power will work on deploying advanced tracker technologies for photovoltaic solar energy projects, with the aim of reducing energy costs and boosting local production.
'ACWA Power's strategy is driven by value-driven partnerships like these. Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050,' said Marco Arcelli, CEO of ACWA Power.
The Saudi-listed company also signed a deal with GE Vernova to test innovations in combined-cycle gas turbine projects and electricity transmission and distribution systems within the Kingdom.
A separate agreement was signed with Baker Hughes to pilot innovations in green hydrogen production.
The collaboration aims to leverage the US-based firm's technical expertise in developing electrolysis solutions that enhance the safety and efficiency of hydrogen generation.
The partnership may also pave the way for in-Kingdom manufacturing, fostering a local ecosystem for innovation in green hydrogen technologies.
In addition, ACWA Power announced a partnership with KBR for the execution of large-scale projects.
The agreement will utilize the US firm's ammonia processing technology and engineering capabilities, alongside its program management and operational expertise to ensure project success.
Another agreement involves Energy Recovery, focusing on research into energy-saving operation technologies in seawater desalination.
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