- Acwa Power signed $500 million in MoUs with top US firms at the Saudi-US Investment Forum to advance solar, green hydrogen, and desalination technologies in line with Vision 2030.
- Partners will provide advanced technologies and services to support Saudi Arabia’s clean energy and economic diversification goals.
Acwa Power has signed Memorandums of Understanding (MoUs) worth $500 million with several leading American companies. The agreements were announced during the Saudi-US Investment Forum held in Riyadh.
These MoUs aim to deepen collaboration across vital sectors such as solar energy, green hydrogen, and seawater desalination. At the same time, they seek to reduce energy costs and boost local production capabilities in Saudi Arabia. With these new agreements, Acwa Power’s total partnerships with US firms now exceed $6 billion.
Among the major collaborations, GE Vernova will partner with Acwa Power to pilot and implement innovations in core equipment for combined-cycle gas turbine projects. The partnership also includes upgrades to electricity transmission and distribution infrastructure.
Baker Hughes will contribute to green hydrogen innovation by providing expertise in electrolysis technology to enhance the safety and efficiency of hydrogen systems. KBR will support large-scale initiatives by deploying its ammonia technology and engineering services, directly contributing to Saudi Arabia’s energy transition goals.
Energy Recovery will focus on joint research into energy-saving technologies, specifically in pressure exchangers (PXs) used in seawater desalination plants.
Commenting on the agreements, Raad Al-Saady, Vice Chairman and Managing Director of Acwa Power, said, “These strategic partnerships with leading American companies are a direct investment in Saudi Arabia’s future, aligning with the key objectives of Vision 2030. We are leveraging American innovation and expertise to accelerate renewable energy development, create jobs, diversify the economy, and drive a sustainable future for the Kingdom.”
Marco Arcelli, CEO of Acwa Power, also highlighted the broader vision behind the move: “Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and pursue our commitment to net-zero emissions by 2050.”
These MoUs represent a significant step forward in advancing clean energy initiatives. Moreover, they reinforce Saudi Arabia’s ambition to become a global leader in sustainable energy, fully aligned with its Vision 2030 framework.