Acwa Power, a private utility developer in Saudi Arabia, has inked agreements totaling $746 million for the construction of sustainable energy projects. The agreements include a $500 million first agreement with EIG, an energy-focused institutional investor, to collaborate in areas such as power production, water desalination, and green hydrogen, with a focus on projects in the Gulf region and Uzbekistan.
Acwa Power also signed funding agreements worth $246 million with the European Bank for Reconstruction and Development and the Opec Fund for International Development for the development of a 240-megawatt wind power project in Azerbaijan. The agreements, which were signed at the Future Investment Initiative in Riyadh, are subject to the completion of certain conditions, as per thenationalnews.
The company stated that the Khizi-Absheron project is Azerbaijan's first foreign investment-based independent wind power facility, with a total investment of $347 million. The project's main offtaker is the national electrical power utility Azerenerji, which is planned to power almost 300,000 households once finished.
EIG’s “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”, Marco Arcelli, chief executive of Acwa Power, said.
Acwa Power is a Public Investment Fund-backed company that works in 12 countries spanning the Middle East, Africa, Central Asia, and South-East Asia. The company's portfolio includes 77 projects in operation, advanced development, or construction, totaling $78.2 billion in investment and the ability to generate 50.4 gigatonnes of electricity and manage 6.8 million cubic meters of desalinated water per day.