Saudi Arabia’s ACWA Power has signed a deal with African Development Bank (AfDB) as part of efforts to deliver up to $5 billion in sustainable energy and water projects across Africa.

The cooperation framework aims to identify, develop and finance projects to provide energy access, boost water security and promote green investment across the continent.

The two entities aim to provide financing for the projects between 2025 and 2030.

As a developer and investor, ACWA Power is expected to identify and execute electricity and water projects, while AfDB will help accelerate funding and appraisal of the projects.

(Writing by Cleofe Maceda ; editing by Seban Scaria) seban.scaria@lseg.com