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Saudi Arabia’s utility developer ACWA Power announced it has signed deals worth $746 million on the sidelines of the Future Investment Initiative (FII7) in Riyadh, which concluded on October 26.
Of the two deals, a $500 million Heads of Terms agreement was signed with green energy investors EIG, which allowed the two entities to cooperate in power generation, water desalination, green hydrogen, and green ammonia projects, with a focus on investing in projects in Gulf countries and Uzbekistan.
ACWA Power also signed funding agreements at an aggregate project, with a financing amount of $246 million in conjunction with the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development (The OPEC Fund), for the development of a 240MW wind power project in Azerbaijan.
Structured as a public-private partnership (PPP) at a total investment cost of $347 million, the Azerbaijan project is expected to power nearly 300,000 households and save 220 million cubic metres of natural gas and reduce carbon emissions by more than 400,000 tonnes annually.
ACWA Power is also working with the State Oil Company of Azerbaijan Republic (SOCAR) to explore collaboration and exploration in the fields of renewable energy and green hydrogen.
(Writing by Bindu Rai, editing by Daniel Luiz)
