RIYADH: Saudi Arabia’s ACWA Power has signed an initial agreement with the European Bank for Reconstruction and Development to finance sustainable infrastructure projects.
The signature of the memorandum of understanding took place on the sidelines of the Future Investment Initiative Forum in Riyadh, according to a statement.
It will focus on project development between both organizations over the next five years in the fields of renewable energy, green hydrogen and green desalination across countries.
The countries of focus include Uzbekistan, Azerbaijan and Egypt.
“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.”
Headquartered in London, EBRD is a multilateral development bank that aims to foster a transition to open market-oriented economies and promote private and entrepreneurial initiatives in the countries where it works.
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.
