Saudi Arabia’s ACWA Power and Japan’s ITOCHU Corp. Join Forces at COP29
In a groundbreaking move, Saudi Arabia’s ACWA Power has partnered with Japan’s ITOCHU Corp. during COP29 to bolster investments in environmental infrastructure and renewable energy across the Middle East, Central Asia, and Africa.
Driving the Energy Quadrilemma
The memorandum of understanding signed by both companies aligns perfectly with ACWA Power’s mission to tackle the “energy quadrilemma” — ensuring energy and water are provided affordably, reliably, sustainably, and rapidly.
A Vision for Global Energy Transition
ACWA Power and ITOCHU Corp. share a vision for accelerating the global energy transition by leveraging their unique strengths to create transformative solutions in renewables and water desalination.
Enthusiasm and Commitment
ACWA Power CEO, Marco Arcelli, expressed his enthusiasm for the partnership, highlighting their expertise in renewable energy sources, water desalination, and green hydrogen. He emphasized the company’s commitment to achieving net-zero emissions by 2050, a decade ahead of Saudi Arabia’s national target.
Unlocking Opportunities
The MoU, in collaboration with ITOCHU’s extensive network and resources, will facilitate mutual growth ambitions and open up new opportunities for Japanese investors in the clean energy sector. Together, the companies aim to make significant strides in accelerating the energy transition and addressing climate change challenges.
About ACWA Power and ITOCHU Corp.
ACWA Power, headquartered in Riyadh, is the world’s largest private water desalination company and a leader in renewable energy and green hydrogen. ITOCHU Corp., founded in 1858, is one of Japan’s leading multinational trading and investment companies with operations in 61 countries.
Advancing Renewable Energy Projects
The collaboration between ACWA Power and ITOCHU Corp. is expected to advance progress in renewable energy projects, including high-efficiency combined cycle power plants and green hydrogen production. Both companies are dedicated to addressing climate change and advancing global sustainability initiatives.
Building on a Strong Foundation
Earlier this year, ACWA Power signed multiple agreements with Japanese companies during the Saudi-Japan Vision 2030 Business Forum, signaling a commitment to further the sustainable energy transition and attract foreign investment. The forum brought together industry officials and leaders to enhance trade, investment, and cultural ties.