SBI Holdings, Inc. announced that it has entered into a Memorandum of Understanding for a business alliance with ACWA POWER COMPANY (Head office: The Kingdom of Saudi Arabia; Founder and Chairman of the Board of Directors: Mohammad A. Abunayyan, hereinafter "ACWA Power") the world's largest private water desalination company, and a leader in energy transition and first mover into green hydrogen. And it announced that the signing ceremony focusing on corporate agreements between Japan and Saudi Arabia held May 21, 2024. Based on the MoU, the SBI Group and ACWA Power will consider a business alliance in the areas described below.

SBI Group to consider investments to ACWA Power's future projects in the areas of desalination plants, advanced combined cycle gas plants and green hydrogen, etc. Some of the future projects developed by ACWA Power to be jointly evaluated for cooperation by both ACWA Power and the SBI Group. SBI Group to facilitate access to Japanese regional banks and investor pool for debt financing and equity investments in future ACWA Power projects.

The scope of the alliance may be expanded beyond the subjects above, upon agreement between the SBI Group and ACWA Power.