ACWA Power and Natixis Corporate and Investment Banking have signed a Memorandum of Understanding to collaborate on the advancement of the former’s renewable projects.
The Saudi Arabian developer said the MoU paves the way for the two parties to explore opportunities for project developments in the region, with an objective for Natixis CIB to finance up to approximately €1.7bn over two years for ACWA’s future project pipeline.
The MoU was signed in Jeddah, Saudi Arabia (pictured), by ACWA chief investment officer Clive Turton and Natixis CIB co-head Anne-Christine Champion.
Attendees of the signing ceremony also included the Saudi minister of investment HE Khalid Al Falih; the French minister of foreign trade and economic attractiveness HE Franck Riester; ACWA Power chairman Mohammad Abunayyan; Natixis CIB regional head for the Middle East Barbara Riccardi and Natixis CB country head of Saudi Arabia Ammar Bukhamsin.
ACWA Power president and chief executive officer Paddy Padmanathan said: “Building on a hugely successful longstanding partnership, we are proud and privileged to document the vision to further expand this relationship through this MoU.
“This MoU signed today demonstrates our shared commitment to advancing the renewable energy and decarbonisation ambition in the markets we serve by expanding cost competitive financing solutions through innovative structures and accessing wider pools of liquidity.
“At ACWA Power, we remain committed to building strategic relationships that ensure we cater to the rising demand of power and water within the communities in which we operate without compromising the path towards achieving the objective of becoming net zero by 2050.”
Champion said: “We are delighted to have signed an MoU with ACWA Power, which cements the close relationship of trust and cooperation that we have forged over the past ten years.
“Natixis CIB’s area of expertise are highly complementary to those of ACWA Power, and we greatly look forward to continuing to accompany ACWA Power as it leads the way in the development of renewable energy, water desalination and green hydrogen projects throughout the region.”