ACWA Power signs deals for projects in the Gulf, West and Central Asia

ACWA Power Co (TADAWUL:2082) today announced the signing of several deals worth hundreds of millions of dollars in relation to the development of renewable energy, green hydrogen and other utility projects in the Gulf countries, Azerbaijan and Uzbekistan.

The Saudi company and infrastructure investor EIG have entered into a heads of terms agreement valued at USD 500 million (EUR 474.5m) to team up in the fields of power generation, water desalination, green hydrogen and green ammonia. This partnership has a specific focus on investments in the Gulf states and Uzbekistan, a press statement says.

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At the same time, ACWA Power has arranged USD 246 million in project financing from the European Bank for Reconstruction & Development (EBRD) and the OPEC Fund for International Development for the development of a 240-MW wind project in Azerbaijan. The total cost of this project, which is structured as a public-private partnership (PPP), is estimated at USD 347 million. Once up and running, it will be selling its output to national electrical power company Azerenerji.

Apart from this new development, ACWA Power is working with the Azerbaijan Ministry of Energy on 1.5 GW of offshore wind and 1 GW of onshore wind, along with a battery energy storage system (BESS).

(USD 1.0 = EUR 0.949)