The agreements were formalised during a high-profile investment forum in Riyadh, where ACWA Power announced strategic partnerships aimed at accelerating the development of clean energy infrastructure and innovation. While the names of the US firms involved were not disclosed, the deals are expected to support ACWA Power’s ongoing efforts to scale up its green hydrogen initiatives and renewable energy projects across multiple regions.
ACWA Power, headquartered in Riyadh, is the world’s largest private water desalination company and a prominent developer of renewable energy and green hydrogen projects. The company is currently leading several major initiatives, including the $8.5 billion NEOM Green Hydrogen Project in northwest Saudi Arabia, a joint venture with NEOM and Air Products, which is slated to become the world’s largest utility-scale hydrogen facility powered entirely by renewable energy. Once operational in 2026, the plant is expected to produce 600 tonnes of green hydrogen per day, translating to 1.2 million tonnes of green ammonia annually.
Beyond Saudi Arabia, ACWA Power is actively expanding its green hydrogen portfolio. In Egypt, the company signed a framework agreement in December 2023 to develop a green ammonia project with an initial capacity of 600,000 tonnes per year, powered by wind and solar energy, with plans to scale up to 2 million tonnes annually. In Tunisia, an MoU was signed in May 2024 to explore a project producing up to 600,000 tonnes of green hydrogen per year in three phases, aimed at exporting to Europe via a proposed pipeline connecting Tunisia to Italy, Austria, and Germany.
ACWA Power’s global ambitions also extend to Asia and Africa. In Uzbekistan, the company is developing a green hydrogen project with an initial production capacity of 3,000 tonnes per year, with plans to expand to 500,000 tonnes of green ammonia annually. In South Africa, ACWA Power and the Industrial Development Corporation have signed an MoU to explore green hydrogen projects valued at approximately $10 billion, positioning the country as a significant producer and exporter of green hydrogen.
The company’s strategic partnerships are not limited to the Middle East and Africa. In June 2024, ACWA Power signed an MoU with China’s SINOPEC Guangzhou Engineering Co., Ltd. to collaborate on global green hydrogen and ammonia initiatives. Additionally, the company has entered agreements with Japan’s ITOCHU Corporation and South Korea’s KEPCO to co-develop green hydrogen projects and facilitate the offtake of green ammonia, supporting decarbonisation efforts in Asia.
ACWA Power’s aggressive expansion aligns with Saudi Arabia’s Vision 2030, which aims to diversify the kingdom’s economy and reduce its dependence on oil by investing in renewable energy and emerging technologies. The company’s role in assuming the mandate for delivering and co-investing in future green hydrogen projects in Saudi Arabia, following the cancellation of the planned launch of the Public Investment Fund’s Energy Solutions Company, underscores its central position in the kingdom’s energy transition strategy.
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Saudi Arabia