{"id":4355,"date":"2023-10-26T14:16:40","date_gmt":"2023-10-26T14:16:40","guid":{"rendered":"https:\/\/dev.pixflex.com\/eig2\/?p=4355"},"modified":"2023-10-26T14:44:56","modified_gmt":"2023-10-26T14:44:56","slug":"acwa-power-signs-agreements-worth-us746-million-at-fii7-in-riyadh","status":"publish","type":"post","link":"https:\/\/dev.pixflex.com\/eig2\/acwa-power-signs-agreements-worth-us746-million-at-fii7-in-riyadh\/","title":{"rendered":"EIG and ACWA Power sign Heads of Terms agreement at FII7 in Riyadh"},"content":{"rendered":"

\"\"<\/p>\n

Riyadh, Saudi Arabia \u2013 <\/strong>ACWA Power, the world\u2019s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed several agreements that are in aggregate worth US$746 million on the sidelines of the Future Investment Initiative (FII7) in Riyadh.<\/p>\n

In a\u00a0US$500 million<\/strong>\u00a0Heads of Terms agreement with EIG, a leading institutional investor in the global energy and infrastructure sectors, ACWA Power and EIG have agreed to cooperate in power generation, water desalination, green hydrogen, and green ammonia projects, with a specific focus on investing in projects in Gulf countries and Uzbekistan.\u00a0<\/p>\n

“This is a landmark agreement with EIG, one of the world\u2019s largest infrastructure investment firms. Their commitment to working with ACWA Power is a sign of confidence in the company\u2019s strong position in power, water, and green hydrogen, and we look forward to collaborating in these areas,\u201d said Marco Arcelli, ACWA Power CEO<\/strong>.<\/p>\n

ACWA Power has also signed the funding agreements at an aggregate project financing amount of\u00a0US$246 million <\/strong>with the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development (The OPEC Fund) for the development of a\u00a0240MW<\/strong>\u00a0wind power project in Azerbaijan. Both agreements are subject to the completion of the conditions precedent.<\/p>\n

The project is the first foreign investment-based independent wind power project in the Republic of Azerbaijan, structured as a public-private partnership (PPP) at a total investment cost of\u00a0US$347 million.<\/strong>\u00a0The national electrical power company Azerenerji is the sole offtaker for the project, which, once completed, is expected to power nearly 300,000 households, save 220 million cubic metres of natural gas and reduce carbon emissions by more than 400,000 tonnes annually.\u00a0<\/p>\n

Commenting on the announcement, Marco Arcelli added:\u00a0\u201c<\/strong>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. 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.\u201d<\/p>\n

OPEC Fund Director-General, Abdulhamid Alkhalifa said:<\/strong> “The OPEC Fund is proud to be a key partner in the Khizi-Absheron Wind Power Project, which will mark a shift in Azerbaijan\u2019s energy landscape by promoting foreign investment and private sector financing for a public-private partnership renewable project. Through our support we aim to catalyse clean energy generation and a diversified energy future for Azerbaijan. The agreement is also testament to what international development cooperation can achieve.”<\/p>\n

Nandita Parshad, Managing Director, Sustainable Infrastructure Group, EBRD, added: <\/strong>\u201cWe are proud to finance this landmark project for the energy transition in Azerbaijan. Last year at this same venue we signed an MOU with our long standing partner, ACWA Power, committing to deliver renewable energy, green hydrogen, and green desalination projects in our regions.\u00a0\u00a0I am so pleased that with this signing we have achieved already nearly 1.5 GW of that promise to scale up renewable energy in the EBRD region from megawatts to gigawatts.\u00a0\u00a0We are grateful to ACWA Power and the OPEC Fund for the shared commitment to climate action.\u201d<\/p>\n

ACWA Power has previously worked with EBRD and The OPEC Fund on the financing of multiple projects across Central Asia, Middle East and Africa. During the 2022 edition of FII, ACWA Power and EBRD signed an MoU to finance sustainable infrastructure projects in Uzbekistan, Azerbaijan and Egypt.<\/p>\n

ACWA Power\u2019s commitment to lead and enable energy transition has seen it collaborate with Azerbaijan on several clean energy projects in recent years. Apart from this 240MW plant, ACWA Power has partnered with the Azerbaijan Ministry of Energy to develop 1.5 GW of offshore wind and 1 GW of onshore wind, as well as the development of a battery energy storage system (BESS).<\/p>\n

ACWA Power is also working with the \u201cState Oil Company of Azerbaijan Republic\u201d (SOCAR) to explore collaboration and exploration in the fields of renewable energy and green hydrogen.<\/p>\n

About ACWA Power<\/strong><\/p>\n

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 12 countries in the Middle East, Africa, Central Asia and Southeast Asia. ACWA Power\u2019s portfolio comprises 75 projects in operation, advanced development, or construction with an investment value of SAR 297.75 billion (USD 79.4 billion), and the capacity to generate 50.1 GW of power and manage 7.6 million m3\/day of desalinated water per day, delivered on a bulk basis to address the needs of state utilities and industries on long term, off-taker contracts under utility services outsourcing and Public-Private-Partnership models. Learn more: www.acwapower.com<\/a><\/p>\n

Media contacts:<\/strong><\/p>\n

Yahya Hamidaddin, <\/strong>Executive Director \u2013 PR, Media & Content \u2013 YHamidaddin@acwapower.com<\/a><\/p>\n

Mohammed Al Hasan, <\/strong>Senior Manager \u2013 PR, Media & Content \u2013 Moalhasan@acwapower.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Riyadh, Saudi Arabia \u2013 ACWA Power, the world\u2019s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed several agreements that are in aggregate worth US$746 million on the sidelines of the Future Investment Initiative (FII7) in Riyadh. In a\u00a0US$500 million\u00a0Heads of Terms agreement with EIG, a leading […]<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4355","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"\nEIG and ACWA Power sign Heads of Terms agreement at FII7 in Riyadh - EIG Partners<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dev.pixflex.com\/eig2\/acwa-power-signs-agreements-worth-us746-million-at-fii7-in-riyadh\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"EIG and ACWA Power sign Heads of Terms agreement at FII7 in Riyadh - EIG Partners\" \/>\n<meta property=\"og:description\" content=\"Riyadh, Saudi Arabia \u2013 ACWA Power, the world\u2019s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed several agreements that are in aggregate worth US$746 million on the sidelines of the Future Investment Initiative (FII7) in Riyadh. 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