RIYADH: ACWA Power has signed a memorandum of understanding with the Bank of China, the Saudi-listed company has announced.
In a post on X, formerly known as Twitter, the power generation and desalination firm said the move represents a “deepening (of) our strategic partnership and strengthening (of) our long-term cooperation with the Chinese entity.”
Last December, ACWA Power signed a $1.5 billion agreement with Power China, marking a series of MoUs with Chinese entities during President Xi Jinping’s visit to the Kingdom.
These MoUs covered financing, investment, engineering procurement and construction contracts, and renewable energy equipment procurement for clean and renewable energy projects.
Strategic partners from China included the Industrial and Commercial Bank of China, Bank of China, SPIC Huanghe Hydropower Development Co., and China Southern Power Grid International.
Additionally, Power China International Group, China Energy International Group, Jinko Solar Co, Sungrow Power Supply Co, and Jolywood Solar Technology Co. joined forces for collaborations.
On Monday, ACWA Power inked six agreements in the fields of green hydrogen, water desalination, and research and development at the Saudi-Italian Investment Forum in Milan.
These agreements involve six Italian organizations, including Confindustria, a federation representing small, medium, and large enterprises; Eni, a prominent energy firm; and utility and waste management company A2A.
The other three companies are Industrie De Nora, a provider of industrial solutions; Italmatch Chemicals, a manufacturer of specialty additives; and RINA, which is into offering classification and engineering solutions.
ACWA Power CEO Marco Arcelli believes this step will contribute to the increased integration of Italian companies in Saudi Arabia and lay the groundwork for a strong collaborative effort in research and development.
The agreement further solidifies ACWA Power’s objective of creating significant prospects for Italian and European businesses within Saudi Arabia. It also aligns with their mission of promoting sustainable advancement through the provision of green hydrogen and technical knowledge, Arcelli explained.