ACWA Power, a global leader in renewable energy and green hydrogen, has inked significant agreements worth a total of $746 million at the Future Investment Initiative (FII7) in Riyadh. These agreements are poised to drive clean energy and sustainability initiatives across various regions.
A pivotal agreement, valued at $500 million, was reached with EIG, a prominent institutional investor in energy and infrastructure sectors worldwide. ACWA Power and EIG will join forces to collaborate on power generation, water desalination, green hydrogen, and green ammonia projects, with a specific focus on investing in Gulf countries and Uzbekistan.
Marco Arcelli, CEO of ACWA Power, emphasized the significance of this partnership, stating, “This is a landmark agreement with EIG, one of the world’s largest infrastructure investment firms. Their commitment to working with ACWA Power is a sign of confidence in the company’s strong position in power, water, and green hydrogen, and we look forward to collaborating in these areas.”
ACWA Power also secured project financing agreements totaling $246 million with the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development (The OPEC Fund) for a 240MW wind power project in Azerbaijan. This project marks the first foreign investment-based independent wind power initiative in the Republic of Azerbaijan and is structured as a public-private partnership (PPP) with a total investment of $347 million. The project is expected to power nearly 300,000 households, save 220 million cubic meters of natural gas, and reduce carbon emissions by over 400,000 tonnes annually.
Marco Arcelli expressed ACWA Power’s enthusiasm for supporting Azerbaijan’s goal of meeting 30% of its energy needs through renewable sources by 2030, thanking their financing partners for their vital support.
Nandita Parshad, Managing Director of the Sustainable Infrastructure Group at EBRD, celebrated the achievement and emphasized their commitment to scaling up renewable energy, green hydrogen, and green desalination projects in the regions they serve.
ACWA Power’s commitment to spearheading the energy transition has led to collaborations on clean energy projects in Azerbaijan, including offshore and onshore wind, as well as a battery energy storage system. Additionally, ACWA Power is exploring opportunities in renewable energy and green hydrogen with the State Oil Company of Azerbaijan Republic (SOCAR).
These agreements demonstrate ACWA Power’s dedication to advancing sustainability and clean energy solutions on a global scale.