(3 minutes read)
ACWA Power, the world’s largest private water desalination company and a leader in energy transition and green hydrogen production has signed several agreements worth US$746m on the sidelines of the Future Investment Initiative (FII7) in Riyadh
ACWA Power, the world’s largest private water desalination company and a leader in energy transition and green hydrogen production has signed several agreements worth USD746m on the sidelines of the Future Investment Initiative (FII7) in Riyadh.
ACWA Power has previously worked with EBRD and The OPEC Fund on the financing of multiple projects across Central Asia, the Middle East, and Africa. During the 2022 edition of FII, ACWA Power and EBRD signed a MoU to finance sustainable infrastructure projects in Uzbekistan, Azerbaijan, and Egypt.
One of the agreements is a USD 500m Heads of Terms agreement with EIG, a leading institutional investor in the global energy and infrastructure sectors. ACWA Power and EIG have agreed to cooperate in power generation, water desalination, green hydrogen, and green ammonia projects, with a specific focus on investing in projects in Gulf countries and Uzbekistan.
Another agreement that ACWA Power has signed is the funding agreement at an aggregate project financing of USD246m with the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development (The OPEC Fund) for the development of a 240 MW wind power project in Azerbaijan. Both agreements are subject to the completion of the conditions set.
Read Also:
https://trendsnafrica.com/french-president-in-egypt-pledges-support-to-war-affected-palestinians/
https://trendsnafrica.com/egypt-to-collaborate-with-japan-for-real-estate-development/
The project is the first foreign investment-based independent wind power project in Azerbaijan, structured as a public-private partnership (PPP) at a total investment cost of USD 347m. The national electrical power company Azerenerji is the sole off-taker for the project, which, once completed, is expected to power nearly 300,000 households, save 220m cubic meters of natural gas, and reduce carbon emissions by more than 400,000 tonnes annually.
