By:Ognnews

Acwa Power has signed Memorandums of Understanding (MoUs) worth $500 million with US companies, building on its existing partnerships with American firms.

These agreements, signed at the Saudi-US Investment Forum in Riyadh, strengthen the strategic partnership between Saudi Arabia and the US, driving innovation and investment in the energy sector.

These agreements build on Acwa Power's existing partnerships with American firms, which now exceed $6 billion.

The agreements aim to reduce energy costs and increase local production capabilities in solar energy projects.

Acwa Power 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 agreement involves a partnership with Baker Hughes to test and implement innovations in green hydrogen production, leveraging Baker Hughes' expertise to develop electrolysis solutions and enhance the safety and efficiency of hydrogen production.

Acwa Power is also partnering with KBR on large-scale projects, utilising KBR's ammonia technology and engineering services.

Additionally, Acwa Power is collaborating with Energy Recovery on research to explore potential avenues for collaboration under the theme of Joint Research for Energy-Saving Operation Technologies of the PXs in Seawater Desalination Plants.

These MoUs represent a significant step in strengthening the Saudi-US partnership and driving sustainable development in the energy sector.

"These strategic partnerships with leading American companies are a direct investment in the future of Saudi Arabia, aligning with the key objectives of Vision 2030,” said Raad Al-Saady, Vice Chairman and Managing Director of Acwa Power. “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’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,” added Marco Arcelli, Chief Executive Officer of Acwa Power. -TradeArabia News Service