$14.2B in U.S.-Saudi Energy Projects Announced During Historic Meeting

GE Vernova has announced energy deals worth up to $14.2 billion to support Saudi Arabia’s power generation and grid stability. The announcement was made during a high-level meeting attended by Saudi Crown Prince Mohammed bin Salman and U.S. President Donald Trump.

The deals include up to $2 billion already in backlog or under reservation as of Q1 2025. Additional agreements are expected over the next four years. The initiatives support Saudi Arabia’s Vision 2030 and its goal to reach net zero by 2060.

Key agreements include:

• With Saudi Electricity Company (SEC): GE Vernova will supply advanced gas turbines built in the U.S., along with grid stability equipment such as synchronous condensers. The deal also covers parts, maintenance, and repair services.
• With Principal Buyer: GE Vernova signed MOUs for future equipment deals, carbon capture technology, and investment in training, manufacturing, and R&D.
• With ACWA Power: Framework agreements aim to identify projects for high-efficiency turbines and electrification solutions. ACWA is a major player in water desalination and green hydrogen.
• With Aramco: Agreements focus on maintaining power plants across the Kingdom, ensuring reliable performance through spare parts and repair services.

These efforts aim to boost Saudi Arabia’s energy reliability and accelerate its clean energy transition, while deepening ties with U.S. energy technology and manufacturing.

“As the world’s energy equipment manufacturer, GE Vernova is proud to deploy world class technology to help deepen the longstanding relationship between the United States and the Kingdom of Saudi Arabia, advance energy security, and strengthen the economic prosperity and competitiveness of both nations. We are thankful for the leadership of both governments for putting energy manufacturing, innovation, and technology front and center, setting the strongest possible precedent for the role of equipment to unlock more solutions globally. We are committed to continuing our work to grow capacity and jobs in the U.S. and beyond to meet these critical needs,” said Scott Strazik, CEO of GE Vernova.