ACWA Power Company, a Saudi developer of power generation, water desalination and green hydrogen plants, has signed a memorandum of understanding to finance sustainable infrastructure projects with the European Bank for Reconstruction and Development.
The MOU envisages the continued cooperation of both organisations over the next five years, and will focus on project development in renewable energy, green hydrogen, green desalination across countries including Uzbekistan, Azerbaijan and Egypt.
The ultimate objective is to jointly support a sustainable energy transition and enable power and water access in line with local and global environmental objectives.
ACWA Power has worked with the EBRD since 2011 with the institution financing multiple projects of ACWA Power in the Central Asian, Middle Eastern and North African markets.
“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,” said CEO and Vice Chairman of ACWA Power Paddy Padmanathan.
“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.”
Nandita Parshad, Managing Director, Sustainable Infrastructure Group, EBRD, added: “This partnership is important for mobilising 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.”