ACWA Power signs MoUs worth $500M with US companies

Logo of ACWA Power Co.

ACWA Power Co. signed several memorandums of understanding (MoUs) with US companies, totaling $500 million (SAR 1.88 billion), 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, according to a statement picked up by Argaam today, May 14.

One deal will see ACWA Power work to deploy advanced tracker technologies for photovoltaic solar energy projects. This is in a bid to minimize energy costs and increase local production capabilities.

It is also partnering 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.

A separate deal concluded ACWA Power’s tie-up with Baker Hughes to test and implement innovations in green hydrogen production. This is through developing electrolysis solutions and enhancing the safety and efficiency of hydrogen production, with potential for domestic manufacturing.

ACWA Power also announced its partnership with KBR STS in large-scale projects, utilizing KBR’s ammonia technology and engineering services, while ensuring effective program management.

Another agreement stipulated the Saudi-listed company’s collaboration with Energy Recovery on joint research to explore potential avenues of collaboration under the theme of “Joint Research for Energy-Saving Operation Technologies of the PXs in Seawater Desalination Plants”.