ACWA Power Company (ACWA Power), a leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants, has announced that it has signed a Memorandum of Understanding (MoU) to finance sustainable infrastructure projects with the European Bank for Reconstruction and Development (EBRD).
The countries of focus for the agreement include Uzbekistan, Azerbaijan, and Egypt, with the ultimate objective of jointly supporting sustainable energy transition and enabling power and water access in line with local and global environmental objectives.
The MoU envisages the continued cooperation of both organizations over the next five years and will focus on project development in renewable energy, green hydrogen, and green desalination across the countries.
ACWA Power has worked with EBRD since 2011 with the institution financing multiple projects of ACWA Power in the Central Asian, Middle Eastern, and North African markets.
To date, the company has nine projects under operation or advanced development in Azerbaijan, Uzbekistan, and Egypt. Of these, eight facilities are in the renewable energy space.
With COP27 around the corner in Egypt, the world’s attention will be on constructive implementation plans that have a tangible impact in mitigating climate change. This MoU with the EBRD is an important signal from financial institutions in finding lasting solutions in the face of global warming, cements a long-standing business relationship, and is a vote of confidence in ACWA Power’s abilities in being part of the journey towards a sustainable future, said Paddy Padmanathan, Vice Chairman and CEO of ACWA Power.
The EBRD is a London headquartered multilateral development bank that focuses on fostering the transition to open market-oriented economies and promoting private and entrepreneurial initiatives in the countries where it works.
This partnership is important for mobilizing private capital and know-how to accelerate the energy transition and create economic opportunities to change lives in the countries where the EBRD invests. We look forward to working together to build many more GWs of renewables and newer green technologies, said Nandita Parshad, Managing Director, Sustainable Infrastructure Group, EBRD.
