ACWA Power, the Saudi energy transition and desalination giant, has signed $500 million worth of Memorandums of Understanding (MoUs) with leading American companies, reinforcing its strategic alignment with Saudi Arabia’s Vision 2030 and deepening its role in global decarbonization efforts.
The deals, announced at the Saudi–US Investment Forum in Riyadh, expand the company’s US partnership portfolio to over $6 billion, signaling a long-term bet on American clean tech and engineering capabilities.
ACWA Power, which already holds the title of the world’s largest private water desalination operator, is doubling down on its position in renewables and green hydrogen. The newly announced MoUs serve a dual purpose: accelerating the company’s clean energy buildout and developing domestic industrial capacity.
The deals highlight a key feature of ACWA’s growth model—combining foreign innovation with in-Kingdom manufacturing potential. The partnerships are structured to bring in advanced U.S. technologies while embedding value in Saudi Arabia’s local ecosystem.
Among the most notable agreements is a collaboration with Baker Hughes to develop and test innovations in green hydrogen production. The partnership aims to enhance safety, operational efficiency, and electrolyzer performance, while exploring the feasibility of manufacturing critical components within Saudi Arabia. This move aligns with growing global interest in domestic supply chains for hydrogen technology and could make the Kingdom a competitive player in global electrolyzer production.
Another MoU pairs ACWA Power with engineering firm KBR to support large-scale ammonia projects. KBR’s ammonia synthesis technologies and project management services will be deployed to support upcoming hydrogen-to-ammonia conversion facilities, crucial for the storage and export of renewable energy. The involvement of KBR also signals that ACWA is eyeing global markets—particularly in Europe and East Asia—where ammonia is increasingly viewed as a viable hydrogen carrier.
In the realm of energy infrastructure, GE Vernova will work with ACWA Power on improving the performance of combined-cycle gas turbine systems and electricity transmission. This suggests a near-term focus on optimizing existing infrastructure while longer-term hydrogen and renewable generation assets are developed.
ACWA Power’s expansion in solar photovoltaics (PV) is also receiving a U.S. boost. A partnership to deploy advanced solar tracker technologies aims to reduce costs while increasing the energy yield and localization of production. Tracker systems, which tilt solar panels to follow the sun’s movement, can significantly improve energy capture, especially in high-insolation regions like Saudi Arabia.
This aligns with ACWA’s broader portfolio expansion in solar, including its participation in the world’s largest solar projects such as Noor Energy 1 and Sudair Solar PV.
Desalination remains a strategic sector for ACWA, and a new research collaboration with U.S.-based Energy Recovery will explore ways to reduce the energy intensity of seawater desalination. By focusing on PX (pressure exchanger) technologies, the partners aim to significantly improve plant-level efficiency—an especially critical move as water demand rises and the Kingdom seeks to phase out fossil-powered desalination.
This is not ACWA Power’s first foray into energy recovery; it has previously piloted energy-saving measures in desalination, but the new research suggests a broader commercial rollout may be on the horizon.
The $500 million in fresh MoUs comes amid a broader push by Saudi Arabia to accelerate investment in energy transition technologies while fostering ties with U.S. institutions. Previous collaborations with EIG, Air Products, and DuPont point to a deliberate strategy: securing top-tier partners while embedding innovation in Saudi industrial development.
While MoUs do not guarantee project execution, they serve as early indicators of where capital and attention are headed. For ACWA Power, these agreements reaffirm its commitment to a multipronged strategy—investing in green hydrogen, clean ammonia, solar PV, and water while leveraging advanced technologies from the U.S. to localize capabilities in Saudi Arabia.
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