ACWA Power Partners with Itochu for Global Renewable Energy Projects

Saudi Arabia’s ACWA Power has entered into a strategic partnership with Japan’s Itochu Corporation through a memorandum of understanding (MoU) signed at COP29.

This collaboration aims to bolster investments in renewable energy and environmental infrastructure across multiple regions, focusing on critical areas such as water desalination and green hydrogen production.

The agreement reflects a shared commitment to tackling the global energy quadrilemma—balancing energy security, affordability, sustainability, and accessibility—while accelerating the transition to cleaner energy solutions. By leveraging each company’s strengths, the partnership seeks to deliver transformative projects that align with the global push for sustainability.

Marco Arcelli, CEO of ACWA Power, emphasised the significance of the collaboration, stating, “We are thrilled to strengthen our strategic ties with Itochu Corporation through this new MoU, signed at COP29 in Azerbaijan.

This partnership spans diverse geographies and technologies, benefiting from our expertise in renewable energy, water desalination, and green hydrogen."

Arcelli further underscored ACWA Power's dedication to achieving net-zero emissions by 2050, aligning the company’s efforts with global sustainability agendas.

The MoU represents a significant step in addressing the growing demand for innovative, clean energy solutions that meet the challenges of the 21st century.