Saudi Arabia’s Acwa Power has signed a memorandum of understanding with Japan’s Itochu Corporation to enhance investments in renewable energy and environmental infrastructure across multiple regions.
Made during COP29, the agreement aims to address the energy quadrilemma and accelerate the global energy transition.
Go deeper with GlobalData
The partnership will leverage both companies’ strengths to develop transformative solutions in the renewable energy sector, including water desalination and green hydrogen.
ACWA Power’s CEO Marco Arcelli said: “We are thrilled to strengthen our strategic collaboration with ITOCHU Corp. through this new memorandum of understanding, signed at COP29 in Azerbaijan.”
Arcelli emphasised the alignment of the partnership with the global sustainability agenda and ACWA Power’s commitment to achieving net-zero emissions by 2050.
“This partnership — which spans across various geographies and technologies — will benefit from our expertise in renewable energy sources, water desalination, and green hydrogen,” he added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataWith the collaboration, ACWA Power and ITOCHU aim to facilitate mutual growth and attract Japanese investment into the clean energy sector.
Arcelli concluded: “Together, we are poised to make significant strides in accelerating the energy transition and addressing climate change challenges.”
Riyadh-based ACWA Power specialises in water desalination and renewable energy, with 90 projects in 13 countries totalling an investment value of $94.7bn.
Japanese multinational trading and investment company ITOCHU operates in 61 countries and has a diversified portfolio that includes renewable energy projects.
The partnership will focus on advancing renewable energy projects, such as combined cycle power plants and green hydrogen production.
In May, ACWA Power signed multiple agreements with Japanese companies to enhance trade, investment, and cultural ties between the two nations.
These agreements were signed during the Saudi-Japan Vision 2030 Business Forum in Tokyo.
