Saudi Arabia’s ACWA Power has fostered cooperation with several US companies in the energy sector, by signing new agreements totaling $500 million.
On the sidelines of the Saudi-US Investment Forum in Riyadh, ACWA Power signed Memorandums of Understanding (MoUs) with American firms, building on the Company’s existing partnership with US businesses, with a value exceeding $6 billion.
ACWA Power is the largest private water desalination company in the world, a leader in energy transition and a pioneer in the utilization of green hydrogen.
The Company’s agreements with American companies bolster the strategic partnership between Saudi Arabia and the US, advancing innovation and investment in the energy sector and supporting the Kingdom’s Vision 2030 objectives and its net zero target by 2060.
In a press release, ACWA Power said the collaboration involves deploying advanced tracker technologies for photovoltaic solar energy projects, with the aim of reducing energy costs and increasing local production capabilities.
The Company will also cooperate 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.
Furthermore, ACWA Power forged a partnership with Baker Hughes to test and implement innovations in green hydrogen production, capitalizing on 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 technologies.
Another agreement involves a partnership with KBR on large-scale projects, harnessing its ammonia technology and engineering services, as well as its program management and operational expertise to ensure project success.
Moreover, ACWA Power announced an agreement with Energy Recovery, focusing on improving energy efficiency through the use of advanced PX technology and related solutions in seawater desalination.
