ACWA Power Enters into a Sustainable Infrastructure Financing Agreement with European Bank for Reconstruction and Development
At the Future Investment Initiative Forum in Riyadh, Saudi Arabia, ACWA Power Company, a leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants, signed an MOU with the European Bank for Reconstruction and Development (EBRD) to fund sustainable infrastructure projects.
The MOU was signed by Paddy Padmanathan, Vice Chairman and CEO of ACWA Power and Nandita Parshad, Managing Director of the EBRD's Sustainable Infrastructure Group. The document states that both organisations will keep working together over the next five years. The focus will be on developing projects in renewable energy, green hydrogen, and green desalination across countries.
Focus countries include Uzbekistan, Azerbaijan, and Egypt. The goal is to work together to support a sustainable energy transition and ensure people have access to power and water that fits with local and global environmental goals.
ACWA Power has been working with EBRD since 2011. Since then, the EBRD has helped ACWA Power with several projects in Central Asia, the Middle East, and North Africa.
Paddy Padmanathan, Chief Executive Officer and Vice Chairman of ACWA Power said:
"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."
Nandita Parshad, Managing Director, Sustainable Infrastructure Group, EBRD, said:
"This partnership is important for mobilising private capital and knowing 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."
Source: ACWA Power