ACWA Power Company has signed a Memorandum of Understanding to finance sustainable infrastructure projects with the European Bank for Reconstruction and Development.
The document envisages the continued co-operation of both organisations over the next five years, and will focus on project development in renewable energy, green hydrogen, and green desalination across several countries, including Uzbekistan, Azerbaijan and Egypt, with the ultimate objective of jointly supporting sustainable energy transition and enabling power and water access in line with local and global environmental objectives.
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.
Paddy Padmanathan, CEO and vice chairman of ACWA Power, commented: “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. 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”.
To date ACWA Power has nine projects under operation or advanced development in Azerbaijan, Uzbekistan and Egypt. Of these, eight facilities are in renewable energy technology.