Saudi-listed utility developer Acwa Power and Japan’s Itochu Corporation have signed a memorandum of understanding (MoU) to collaborate on innovations and investments in the water, environment and renewable energy sectors.

The firms said: “By combining the strengths and expertise that both companies have developed in environmental infrastructure and renewable energy projects, the MoU aims to create new solutions to address the energy quadrilemma – delivering energy and water affordably, reliably, sustainably and rapidly.”

The new MoU between Acwa Power and Itohcu follows a preliminary agreement signed in June involving plans for the two firms to explore co-developing and offtaking ammonia from a green hydrogen project in Egypt that is expected to have an initial capacity of 600,000 tonnes a year of green ammonia.

The MoU focuses primarily on the Middle East, Central Asia and Africa.

It was signed at the 29th Conference of the Parties to the United Nations Framework Convention on Climate Change (Cop 29) in Baku, Azerbaijan.

The climate summit has witnessed multiple agreements and transactions signed between Middle East-based utility developers such as Acwa Power and Abu Dhabi Future Energy Company (Masdar) and their international counterparts.