Saudi Arabia’s ACWA Power has announced the signing of $500 million in new agreements with American companies, further expanding its collaboration with U.S. partners to over $6 billion.
The deals were formalized during the Saudi–U.S. Investment Forum in Riyadh, coinciding with U.S. President Donald Trump’s visit to the Kingdom.
The agreements cover various sectors, including renewable energy, green hydrogen, and advanced energy technologies.
ACWA Power will collaborate with GE Vernova on innovations for combined-cycle gas turbines and electricity transmission systems within Saudi Arabia.
A partnership with Baker Hughes aims to develop green hydrogen production technologies, focusing on electrolysis and enhanced safety standards, with potential for local manufacturing.
Other collaborations include engineering expertise from KBR on large-scale ammonia projects and joint research with Energy Recovery to improve the energy efficiency of seawater desalination plants using advanced pressure exchanger technologies.
The agreements align with Saudi Arabia’s Vision 2030, which aims to diversify the economy and achieve net-zero emissions by 2060.
“These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia,” said Raad Al Saady, Vice Chairman and Managing Director of ACWA Power.
He added that ACWA Power is committed to leveraging American innovation and expertise to accelerate the development of renewable energy solutions, creating jobs, diversifying the economy, and supporting a sustainable future for the Kingdom.
ACWA Power has been actively expanding its global footprint in the renewable energy sector. In Uzbekistan, the company signed a nearly $5 billion power purchase agreement for the Aral wind independent power producer project, set to be the largest wind farm in Central Asia. The project will provide clean power to approximately 4.5 million households.
In Egypt, ACWA Power plans to invest $10 billion in the green energy sector by 2026, aiming to capture a 50% share of the country’s renewable energy market.
The company is also involved in the NEOM Green Hydrogen Project, a joint venture with NEOM and Air Products. The project, with a total investment value of $8.4 billion, is set to be the world’s largest utility-scale, commercially-based hydrogen facility powered entirely by renewable energy.
“ACWA Power’s strategy is driven by value-driven partnerships like these. Access to cutting-edge technology and expertise is critical as we diversify our portfolio, expand into new markets, and achieve our objectives in meeting net zero by 2050,” said ACWA Power’s CEO, Marco Arcelli.
ACWA Power is also collaborating with prestigious American universities such as Yale, MIT, and UCLA on research and development initiatives.
