ACWA Power and Itochu Corporation sign Memorandum of Understanding at COP29 to Explore Clean Energy Solutions
ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a Memorandum of Understanding (MoU) on a strategic partnership with ITOCHU Corporation to collaborate on innovations and investments in the water, environment, and renewable energy sectors.
The MOU was signed at COP29 (the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change) in Baku, Republic of Azerbaijan. By combining the strengths and expertise that both companies have developed in environmental infrastructure and renewable energy projects, the MoU aims to create new solutions to address the energy quadrilemma – delivering energy and water affordably, reliably, sustainably, and rapidly. The MoU focuses primarily on the Middle East, Central Asia, and Africa.
ACWA Power is a global leader in power generation and seawater desalination projects, with 90 projects in operation, advanced development, or construction across 13 countries. The company’s portfolio, with an investment value of SAR 355.47 billion (USD 94.7 billion), has the capacity to generate 65 GW of power and manage 8.0 million m3/day of desalinated water. Through new projects in renewable energy, high-efficiency combined cycle power, green hydrogen, and seawater desalination, the company aims to triple its global business scale by 2030 and expand its asset base to USD 250 billion.
Marco Arcelli, Chief Executive Officer of ACWA Power, said, “We are thrilled to strengthen our strategic collaboration with Itochu Corporation through this new memorandum of understanding, signed at COP29 in Azerbaijan. This partnership – which spans across various geographies and technologies – will benefit from our expertise in renewable energy sources, water desalination, and green hydrogen. Our commitment to achieving net-zero emissions by 2050 – ten years ahead of Saudi Arabia’s national target – aligns perfectly with the global sustainability agenda.
Combined with Itochu’s vast network and resources, this MoU will support mutual growth ambitions and create new opportunities for Japanese investors in the clean energy sector. Together, we are poised to make significant strides in accelerating the energy transition and addressing climate change challenges.”
ITOCHU Corporation (ITOCHU) is a leading global trading and investment firm established in 1858 headquartered in Japan. ITOCHU has stated a strong commitment to being the first in the industry to realize a decarbonized society by enhancing contribution and engagement with the SDGs in the medium-term management plan.
Based on this commitment, ITOCHU promote renewable energy projects, water infrastructure-related businesses, and waste management projects. Through this partnership, ITOCHU aims not only to contribute to regions expecting economic growth and population increase but also to achieve a balance between responding to societal needs and business expansion, in line with the company’s corporate philosophy of “Sampo Yoshi” (Good for the seller, Good for the buyer, and Good for society).
