Saudi Arabia-based ACWA Power signed a memorandum of understanding (MoU) with the European Bank for Reconstruction and Development (EBRD) to finance sustainable infrastructure projects.
Under the MoU, the two parties will be cooperating on project development in renewable energy, green hydrogen, and green desalination over the next five years, ACWA Power said in a statement.
They will be focusing on Uzbekistan, Azerbaijan, and Egypt to support their energy transition.
“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,” said ACWA Power CEO and Vice Chairman Paddy Padmanathan.
ACWA Power has nine projects under operation or advanced development in the focus countries, eight of which are renewable energy.
The two parties have worked together since 2011 for project developments in Central Asia, the Middle East and North Africa.
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