ACWA Power, Saudi Arabia announced the signing of Memorandums of Understanding (MoUs) with US companies, totalling USD 500 million.
The MOUs was Signed at the Saudi–US Investment Forum in Riyadh; these agreements build on ACWA Power’s existing partnerships with American firms, which now exceed USD 6 billion.
Building on a long history of collaboration between Saudi Arabia and the US, these agreements further strengthen the strategic partnership between the two nations, driving innovation and investment in the energy sector, and supporting Saudi Arabia’s Vision 2030 and ambition to reach net zero emissions by 2060.
Strengthening its leading role in solar energy, ACWA Power will collaborate to deploy advanced tracker technologies for photovoltaic solar energy projects. This partnership aims to reduce energy costs and increase local production capabilities.
ACWA Power is also 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.
A separate agreement includes a partnership with Baker Hughes to test and implement innovations in green hydrogen production. This collaboration will leverage Baker Hughes’ expertise to develop electrolysis solutions and enhance the safety and efficiency of hydrogen production, with potential for in-Kingdom manufacturing to foster an ecosystem of innovation in green hydrogen production.
ACWA Power also announced its partnership with KBR on large-scale projects, utilising KBR’s ammonia technology and engineering services. This collaboration includes programme management and operational expertise to ensure project success.
Another agreement involves a collaboration with Energy Recovery on research to explore potential avenues of collaboration under the theme of Joint Research for Energy-Saving Operation Technologies of the PXs in Seawater Desalination Plants, with a focus on improving energy efficiency through the use of advanced PX technology and related solutions.
These MoUs represent a significant step in strengthening the Saudi-US partnership and driving sustainable development in the energy sector. They reflect ACWA Power’s strong track record of successful partnerships with leading US companies and institutions. These collaborations span various sectors, including equity investments with EIG and Air Products, and technology development with companies like Nextracker, Baker Hughes, DuPont, and Energy Recovery.
ACWA Power also collaborates with prestigious American universities such as Yale, MIT, and UCLA on research and development initiatives.
To Promote your Products and Services on SaudiGulf Projects, please visit "Advertise" Section
