- ACWA Power signed $500 million in MoUs with U.S. companies, expanding its partnerships to over $6 billion.
- Deals focus on advancing renewable energy and supporting Saudi Arabia’s Vision 2030 and net-zero goals.
Saudi-based Acwa Power has signed $500 million worth of MoUs with U.S. firms, expanding its partnerships to over $6 billion (MoU) with U.S. companies and reinforcing its push into renewable energy and green hydrogen.
The agreements were announced at the Saudi–U.S. Investment Forum in Riyadh and built on existing partnerships between Acwa Power and American firms, which now exceed $6 billion.
Acwa Power, the world’s largest private water desalination company and a key player in the energy transition said the deals align with Saudi Arabia’s Vision 2030 and its target 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 Vice Chairman and Managing Director Raad Al Saady. He added that the company aims to leverage American innovation to accelerate renewable energy development, create jobs, and support economic diversification.
Furthermore, CEO Marco Arcelli said Acwa Power’s strategy hinges on value-driven partnerships and access to cutting-edge technologies, which are essential for diversifying its portfolio and achieving net zero by 2050.
Acwa Power will also collaborate on deploying advanced solar tracker technologies for photovoltaic projects to reduce energy costs and boost local manufacturing capabilities.