Chubu Electric Power signs MOU with ACWA Power Company on comprehensive cooperation for decarbonization

Chubu Electric Power Co., Inc. ("CHUBU") has agreed to comprehensively cooperate with ACWA Power (TADAWUL:2082), the world's largest private water desalination company, and signed a memorandum of understanding ("MOU").

ACWA Power is an Independent Power Producer ("IPP") that develops, invests in, and operates power generation and desalination plants worldwide, with a significant presence in the Middle East, particularly in the Kingdom of Saudi Arabia, as well as in Central Asia. The company has invested amount of USD114 billion across 15 countries, with a power generation capacity of 93GW (of which 52GW is renewable energy) and a sea water capacity desalination capacity of 9 million m³ per day. ACWA Power's strategy is to scale up its business portfolio to three times its current size globally and increase its assets to 250 billion US dollars by 2030 by new projects such as renewable energy, high-efficiency combined cycle power generation, green hydrogen and sea water desalination projects.

Both parties, based on this MOU, will combine their technologies related to decarbonization businesses and contribute to the realization of a decarbonized society worldwide through collaboration in decarbonization fields including renewable energy projects overseas.

In CHUBU's global business, it will contribute to the realization of decarbonized society and further increase earnings by optimally combining the four domains of (i) green business centered on renewable energy, (ii) blue business in relation to decarbonization, (iii) retail, power transmission and distribution, and new services, and (iv) frontier business.

The scene from the signing ceremony of MOU from left to right:
CHUBU Division CEO of Global Business Hiroki Sato
ACWA POWER Deputy Group CFO Atanu Das

Reference: ACWA Overview