ACWA Power signs key collaborative agreements with leading Italian entities to drive sustainable growth
ACWA Power, the world's largest private water desalination company, leader in energy transition, and first mover into green hydrogen, has signed strategic Memoranda of Understanding (MoUs) with four prominent Italian organisations. These agreements, signed during the visit of the Italian PM to Saudi Arabia, on the sidelines of the Saudi-Italian High Level Roundtable Meeting in AlUla today, aim to foster collaboration across project finance, insurance, energy generation, and water desalination technologies.
The partnerships include agreements with Cassa Depositi e Prestiti (CDP), the Italian financial Institution for Development Cooperation; De Nora, a multi-national company specialising in water treatment technologies; SACE, the Italian Export Credit Agency; and Ansaldo Energia, a power generation equipment manufacturer. The latter agreement was signed with NOMAC Holding, a fully-owned subsidiary of ACWA Power.
Commenting on the announcement, Marco Arcelli, Chief Executive Officer of ACWA Power, said: "The opportunities of cooperation between Saudi and Italian companies are immense in the sphere of supply, localisation, financing and energy. We believe that bringing together our competences and resources will significantly advance the energy transition and water security, promoting sustainable infrastructure developments not only in our countries but also in Africa, Central and Southeast Asia and the rest of the Middle East."
ACWA Power's strategic partnerships with Italian entities span various sectors. The three-year agreement with CDP focuses on projects in ODA-eligible countries (those eligible for official development assistance) while promoting collaboration between ACWA Power and Italian companies in global supply chains. Concurrently, the agreement with De Nora will explore the integration of advanced water treatment technologies into ACWA Power's desalination projects, including joint efforts to assess disinfection technologies and pilot test advanced systems.
SACE's involvement is twofold: one agreement explores insurance and financial solutions to facilitate Italian exports and internationalisation, while another outlines a framework for ACWA Power to procure goods and services from Italian companies, both aimed at promoting trade and investment between Saudi Arabia and Italy. Additionally, the ACWA Power subsidiary NOMAC Holding's two-year agreement with Ansaldo Energia will expand service capabilities in gas turbine part refurbishment, focusing on selected regions and exploring joint projects in Africa using Italian concessional finance.
The partnerships with Italian entities underscore the growing importance of EU markets in the global energy transition. With two ongoing green hydrogen projects and plans for 4-6 new initiatives, ACWA Power is well-positioned to collaborate with European partners to meet the increasing demand for sustainable energy solutions. These agreements not only strengthen ties between Saudi Arabia and Italy but also contribute to the broader EU-MENA cooperation in renewable energy and green hydrogen development.
ACWA Power reported the signing of 21 new projects worth USD 14.5 billion in 2024, adding 14.5 GW of power and 0.4 million m3/day of water desalination capacity to its portfolio. In a sign of its ambitions, the company aims to triple its assets under management to 250 assets and USD 250 billion by 2030, focusing on global leadership in water desalination and renewable energy. This includes plans to develop 70% of Saudi Arabia's renewables pipeline, while also expanding internationally in markets like Uzbekistan, China, and Africa, where ACWA Power is already making significant inroads.
