ACWA Power and Saudi Aramco ink deals to boost renewables, hydrogen, and desalination

Under the theme Innovate for Impact, the inaugural three-day event was held in Riyadh from Feb. 3 to 5, and welcomed over 1,000 delegates. X/@ACWAPower
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Updated 06 February 2025
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ACWA Power and Saudi Aramco ink deals to boost renewables, hydrogen, and desalination

RIYADH: Saudi utility giant ACWA Power has signed two agreements with Aramco to accelerate the deployment of renewable energy projects and evaluate the performance of vanadium flow batteries in the Kingdom’s climate.

The first agreement, inked during ACWA Power’s third flagship Innovation Days event, involves the development of an advanced photovoltaic energy forecasting project. The initiative will use big data analytics and machine learning to improve solar power generation predictions.

By improving forecasting accuracy, the model aims to strengthen grid stability, optimize energy dispatch, and improve microgrid management.

The second deal focuses on measuring the efficiency and durability of vanadium flow battery technology in Saudi Arabia’s climate. This initiative will examine how well these batteries can store energy over extended periods and contribute to the increased use of renewables, particularly for water desalination.

This undertaking aligns with the Kingdom’s strategic push for clean energy, reinforcing the initiative’s goal to advance collaboration in renewables and hydrogen technologies while solidifying the nation’s role in the global energy transition.

“By investing in cutting-edge desalination technologies alongside renewable energy innovation and green hydrogen production solutions, we are paving the way for a more resilient and sustainable energy and water infrastructure in Saudi Arabia,” said Thomas Altmann, executive vice president for Innovation and New Technology at ACWA Power.




An agreement was reached by ACWA Power and Hysata. Supplied

Four other agreements were signed by ACWA Power with UK-based Bluewater Bio, global chemicals producer Dow, Australian hydrogen electrolyzer manufacturer Hysata, and King Abdullah University of Science and Technology.

ACWA Power and Bluewater Bio partnered to test advanced filtration technology for desalination projects in Saudi Arabia, with the aims of enhancing the efficiency and sustainability of the process.

Additionally, a desalination-related agreement was signed with Dow to test its anti-scaling chemicals at ACWA Power’s pilot facility.

This initiative aims to gather valuable data on the effectiveness of these chemicals in preventing scaling and contributing to the development of more sustainable solutions.

A pilot agreement between ACWA Power and Australian hydrogen technology company Hysata will focus on advancing cost-effective green hydrogen production, and will facilitate an in-country demonstration of the firm’s high-efficiency electrolyzer technology in the Saudi Arabia. 




Representatives from ACWA Power and KAUST shake hands on a deal. Supplied

In addition, ACWA Power and KAUST have extended their master research agreement, to further strengthen their partnership in innovative sustainable solutions for water desalination and solar energy.

Since 2019, the two entities have jointly operated the Center of Excellence for Desalination and Solar Power, fostering research and innovation to support the Kingdom’s ambitious sustainability agenda. 

These agreements underscore Saudi Arabia’s commitment to technological advancement and energy transition, reinforcing its leadership in the global shift toward renewables and sustainable water solutions.

The utility company also signed a framework agreement with Fraunhofer IMWS, Fraunhofer ISC, and Fraunhofer IWES, initiating a strategic collaboration in renewable energy and green hydrogen research and development.

This partnership aims to drive innovation in the clean energy sector by leveraging Fraunhofer's expertise in materials science, energy systems, and hydrogen technologies.

The agreement lays the groundwork for joint research initiatives focused on enhancing efficiency, sustainability, and technological advancement in the global energy transition.

Under the theme Innovate for Impact, the inaugural three-day event was held in Riyadh from Feb. 3 to 5, and welcomed over 1,000 delegates.

Held under the patronage of the Ministry of Energy, the gathering focused on elevant technologies brought together government dignitaries, industry leaders, and innovators, researchers, and academics to discuss  accelerating the deployment of new technologies, institutionalizing foresight and forward-thinking in the energy transition landscape, and making significant contributions to the realization of Saudi Arabia’s Vision 2030.


Saudi Arabia set to attract $500bn in private investment, Al-Falih tells conference

Updated 09 December 2025
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Saudi Arabia set to attract $500bn in private investment, Al-Falih tells conference

RIYADH: Sustainability, technology, and financial models were among the core topics discussed by financial leaders during the first day of the Momentum 2025 Development Finance Conference in Riyadh.

The three-day event features more than 100 speakers and over 20 exhibitors, with the central theme revolving around how development financial institutions can propel economic growth.

Speaking during a panel titled “The Sustainable Investment Opportunity,” Saudi Investment Minister Khalid Al-Falih elaborated on the significant investment progress made in the Kingdom.

“We estimate in the midterm of 2030 or maybe a couple of years more or so, about $1 trillion of infrastructure investment,” he said, adding: “We estimate, as a minimum, 40 percent of this infrastructure is going to be financed by the private sector, so we’re talking in the next few years $400 (billion) to $500 billion.”

The minister drew a correlation between the scale of investment needs and rising global energy demand, especially as artificial intelligence continues to evolve within data processing and digital infrastructure in global spheres.

“The world demand of energy is continuing to grow and is going to grow faster with the advent of the AI processing requirements (…) so our target of the electricity sector is 50 percent from renewables, and 50 percent from gas,” he added.

Al-Falih underscored the importance of AI as a key sector within Saudi Arabia’s development and investment strategy. He made note of the scale of capital expected to go into the sector in coming years, saying: “We have set a very aggressive, but we believe an achievable target, for AI, and we estimate in the short term about $30 billion immediately of investments.”

This emphasis on long-term investment and sustainability targets was echoed across panels at Momentum 2025, during which discussions on essential partnerships between public and private sectors were highlighted.

The shared ambition of translating the Kingdom’s goals into tangible outcomes was particularly essential within the banking sector, as it plays a central role in facilitating both projects and partnerships.

During the “Champions of Sectoral Transformation: Development Funds and Their Ecosystems” panel, Saudi National Bank CEO Tareq Al-Sadhan shed light on the importance of partnerships facilitated via financial institutions.

He explained how they help manage risk while supporting the Kingdom’s ambitions.

“We have different models that we are working on with development funds. We co-financed in certain projects where we see the risk is higher in terms of going alone as a bank to support a certain project,” the CEO said.

Al-Sadhan referred to the role of development funds as an enabler for banks to expand their participation and support for projects without assuming major risk.

“The role of the development fund definitely is to give more comfort to the banking sector to also extend the support … we don’t compete with each other; we always complement each other” he added.