Acwa Power inks $500m deals with top US firms at key Saudi forum

20/05/2025 03:46 AST

Saudi-based Acwa Power, the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen, has announced the signing of MoUs with US companies, totalling $500 million.

Signed at the Saudi-US Investment Forum in Riyadh, these agreements build on Acwa Power's existing partnerships with American firms, which now exceed $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.

"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, the Vice Chairman and Managing Director of Acwa Power.

"We are 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," he stated.

CEO Marco Arcelli pointed out that Acwa Power's strategy was 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," he stated.

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, he added.

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