ACWA Power signs MoUs with Italian companies

ACWA Power Co. signed several memorandums of understanding (MoUs) with Italian companies to collaborate in project financing, insurance, power generation, water desalination technologies, and establishing a green hydrogen supply chain from Saudi Arabia to Europe.

The company signed five strategic MoUs with four Italian companies: Cassa Depositi e Prestiti, De Nora, Italian Export Credit Agency (SACE), and Ansaldo Energia.

The last agreement was signed with NOMAC Holding, a wholly owned subsidiary of ACWA Power.

These strategic partnerships with Italian institutions span various sectors. Notably, the three-year agreement with Cassa Depositi e Prestiti focuses on projects in countries eligible for official developmental assistance, in addition to supporting cooperation between ACWA Power and Italian companies in global supply chains.

The agreement with De Nora explores the integration of advanced water treatment technologies in ACWA Power’s desalination projects, including joint efforts to assess sterilization technologies and test advanced systems.

The MoU with SACE covers two main areas: insurance and financing solutions to facilitate Italian exports and support their global spread, as well as establishing a framework for ACWA Power to procure goods and services from Italian companies. This will enhance trade and investment between Saudi Arabia and Italy.

The two-year agreement between NOMAC Holding and Ansaldo Energia will contribute to expanding service capabilities for the renewal of gas turbine parts, focusing on selected regions, and exploring joint projects in Africa, leveraging facilitated Italian financing.

ACWA Power also signed a MoU with Snam, an Italian company, to explore collaboration and joint investment opportunities aimed at establishing a green hydrogen supply chain from Saudi Arabia to Europe.

Snam aims to develop multi-modal infrastructure across Europe to enhance energy security and accelerate the transition to net-zero emissions. Under this partnership, ACWA Power will play the role of developer, investor, and operator for green hydrogen and green ammonia production facilities in the Kingdom.

The partnership also includes exploring possible collaboration and joint investment opportunities to create an international supply chain for reliable and cost-effective green hydrogen from Saudi Arabia to the European Union (EU).

Additionally, the partnership involves studying the potential development of a green ammonia import terminal in Italy to facilitate the transport of green hydrogen from Saudi Arabia to the EU via the South H2 hydrogen corridor - a 3,300-kilometer project extending through Italy, Austria, and Germany into central Europe.