ACWA Power has signed a series of groundbreaking agreements worth a staggering $746 million. These transformative agreements, forged during the Future Investment Initiative (FII7) in Riyadh, are set to catalyze clean energy and sustainability initiatives across multiple regions.
Central to these significant developments is a monumental agreement, valued at $500 million, between ACWA Power and EIG, a globally recognized institutional investor specializing in energy and infrastructure sectors. This alliance is poised to steer power generation, water desalination, green hydrogen, and green ammonia projects, with a specific focus on strategic investments in Gulf countries and Uzbekistan.
Marco Arcelli, the CEO of ACWA Power, underscored the magnitude of this partnership, saying, “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 has also secured project financing agreements totaling $246 million with the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development for a 240MW wind power project in Azerbaijan. This initiative marks a historic milestone as the first foreign investment-based independent wind power project in the Republic of Azerbaijan, structured as a public-private partnership (PPP) with a total investment of $347 million. The project is expected to provide sustainable energy to nearly 300,000 households, save 220 million cubic meters of natural gas annually, and reduce carbon emissions by over 400,000 tonnes each year.
Marco Arcelli expressed ACWA Power’s strong commitment to supporting Azerbaijan in achieving its goal of sourcing 30% of its energy needs from renewables by 2030. He extended gratitude to the financing partners for their indispensable support.
Nandita Parshad, Managing Director of the Sustainable Infrastructure Group at EBRD, celebrated this remarkable achievement and reiterated their dedication to scaling up renewable energy, green hydrogen, and green desalination projects in the regions they serve.
ACWA Power’s unwavering commitment to spearheading the energy transition has resulted in numerous collaborations on clean energy projects in Azerbaijan. These encompass both offshore and onshore wind projects, along with a battery energy storage system. Furthermore, ACWA Power is actively exploring opportunities in renewable energy and green hydrogen in partnership with the State Oil Company of Azerbaijan Republic (SOCAR).