ACWA Power has signed new agreements worth $500 million with several major US firms, further strengthening the strategic partnership between Saudi Arabia and the United States. The agreements were signed during the Saudi-US Investment Forum in Riyadh, following a high-profile visit from President Donald Trump and a delegation of US business leaders. These deals bring the total scope of joint energy initiatives between ACWA Power and American partners to over $6 billion.

The newly signed memorandums of understanding (MoUs) align with Saudi Arabia’s Vision 2030 and its goal of reaching net zero emissions by 2060. According to Raad Al-Saady, Vice Chairman and Managing Director of ACWA Power, these partnerships represent a direct investment in Saudi Arabia’s energy future. He emphasized that working with leading American companies will help the Kingdom accelerate its renewable energy development, create local jobs, and diversify its economy.

Among the initiatives covered by the agreements are the deployment of advanced solar tracker technologies aimed at lowering energy costs and boosting domestic manufacturing. ACWA Power has also entered a collaboration with GE Vernova to test innovations in combined-cycle gas turbine projects as well as electricity transmission and distribution systems. In a separate deal, Baker Hughes will partner with ACWA Power to pilot innovations in green hydrogen production, with a focus on safe and efficient electrolysis solutions that could eventually lead to localized manufacturing of hydrogen technology in the Kingdom.

Further strengthening its clean energy portfolio, ACWA Power signed an agreement with KBR to support large-scale project execution using its ammonia processing and engineering technologies. The company also announced a research collaboration with Energy Recovery to develop energy-efficient technologies for seawater desalination.

Source: arabnews.com