Potential funding per the MOU earmarked for sustainable infrastructure projects in Central Asia, Southern Caucasus, and North Africa.
ACWA Power Company, a leading Saudi developer, investor, and operator of power generation, water desalination, and green hydrogen plants, today signed a Memorandum of Understanding (MOU) to finance sustainable infrastructure projects with the European Bank for Reconstruction and Development (EBRD) at the sidelines of the Future Investment Initiative Forum, which took place in Riyadh, Saudi Arabia.
The MOU was signed by Paddy Padmanathan, Vice Chairman and Chief Executive Officer, ACWA Power, and Nandita Parshad, Managing Director- of Sustainable Infrastructure Group, EBRD. The document envisages the continued cooperation of both organizations over the next five years and will focus on project development in renewable energy, green hydrogen, and green desalination across countries.
The countries of focus include Uzbekistan, Azerbaijan, and Egypt, with the ultimate objective of jointly supporting sustainable energy transition and enabling power and water access in line with local and global environmental objectives.
ACWA Power has worked with 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 Paddy Padmanathan, CEO, ACWA Power. “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.”
“This partnership is important for mobilizing 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”, said Nandita Parshad, Managing Director, of Sustainable Infrastructure Group, EBRD.
The EBRD is a London headquartered multilateral development bank that focuses on fostering the transition to open market-oriented economies and promoting private and entrepreneurial initiatives in the countries where it works.
To date, ACWA Power has nine projects under operation or advanced development in Azerbaijan, Uzbekistan, and Egypt. Of these, eight facilities are in the renewable energy space.