ACWA Power has inked deals worth $746 million on the sidelines of the Future Investment Initiative (FII7) in Saudi Arabia.
According to the company, these deals include a $500m Heads of Terms agreement with EIG, an aggregate project financing amount of $246m with the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for InternationalDevelopment (The OPEC Fund) for the development of a 240MW wind power project in Azerbaijan.
Out of these, the wind project is the first foreign investment-based wind power project in Azerbaijan under public-private partnership.
ACWA Power chief executive Marco Arcelli was quoted in a statement, “ACWA Power is enthusiastic about playing a pivotal role in helping Azerbaijan achieve its goal of meeting 30% of its energy needs through renewable sources by 2030.”
The company further stated, “We are deeply grateful to our financing partners, the European Bank for Reconstruction & Development and the OPEC Fund for International Development, for their unwavering support in making this vision a reality.”
Besides, ACWA Power and EIG have also agreed to cooperate in green hydrogen and green ammonia projects. The investment will be focused on projects in Gulf countries and Uzbekistan.
“This is a landmark agreement with EIG, one of the world’s largest infrastructure investment firms,” chief executive of ACWA Power Marco Arcelli, was quoted.