Skip to content Skip to Search
Skip navigation

Acwa Power seals $746m green energy deals

By Pramod Kumar
Acwa Power signed funding agreements with EBRD and the Opec Fund to develop a 240-MW wind power project in Azerbaijan Acwa Power
Acwa Power signed funding agreements with EBRD and the Opec Fund to develop a 240-MW wind power project in Azerbaijan

Saudi renewable energy company Acwa Power has signed agreements worth $746 million to develop renewable and green hydrogen projects globally.

The Riyadh-based company signed a $500 million heads of terms agreement with EIG, a US-based institutional investor in the global energy and infrastructure sectors, on the sidelines of the Future Investment Initiative (FII7) in Riyadh.

The two companies will cooperate on power generation, water desalination, green hydrogen and green ammonia projects, specifically focusing on investing in the Gulf countries and Uzbekistan. 

Acwa Power also signed funding agreements worth $246 million with the European Bank for Reconstruction & Development (EBRD) and the Opec Fund for International Development to develop a 240-megawatt (MW) wind power project in Azerbaijan.

The first foreign investment-based independent wind power project in Azerbaijan is a public-private partnership being built at a total cost of $347 million. 

The 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. 

Acwa Power has previously worked with EBRD and the Opec Fund on financing multiple projects across central Asia, the Middle East and Africa. 

In addition, the Saudi-listed company has partnered with the Azerbaijan energy ministry 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.

The company is also working with the State Oil Company of Azerbaijan Republic (Socar) to explore collaboration and exploration in renewable energy and green hydrogen.

Earlier this month, Acwa Power said it had achieved the “largest number of financial closures in its history” with projects worth more than $14 billion in the past 12 months.

The company currently has 75 assets in various development stages and operations in the Middle East, Africa, central and southeast Asia.   

Latest articles

PIF's Starbucks shareholdings were cut almost by half from 6.3 million shares to 3.8 million

PIF slashes Starbucks stake as it cuts US stocks by $15bn

Saudi Arabia’s Public Investment Fund (PIF) has slashed its US equity holdings by 42 percent to $20.6 billion, including its stake in Starbucks, the global coffee chain that has suffered calls for a boycott as a result of the Gaza conflict. The latest US government data highlights funding challenges facing the Saudi giga-projects.  The filing […]

Tunisia olives

Soaring olive oil exports help Tunisia balance books

Tunisia’s soaring olive oil exports have almost doubled to close to $1 billion in just five months, helping it claw back its current account deficit.   However the increased revenues merely “paint over the cracks” and the country is still probably heading towards a sovereign default, according to an economic expert. Tunisia’s current account deficit narrowed […]

Iraqi prime minister Mohammed Shia Al-Sudani attends licensing rounds for 29 oil and gas exploration blocks at the oil ministry's headquarters in Baghdad

Falling oil prices deepen Iraq’s fiscal imbalances, says IMF

Iraq’s fiscal imbalances have worsened due to significant fiscal expansion and lower oil prices, according to the International Monetary Fund (IMF). “The ongoing fiscal expansion is expected to boost growth in 2024 at the expense of a further deterioration of fiscal and external accounts and Iraq’s vulnerability to oil price fluctuations,” the Washington-based fund said in […]

Saudi aluminium producer Talco is offering 12 million shares

Aluminium producer Talco announces Saudi IPO

Aluminium producer Al Taiseer Group Talco Industrial Company (Talco) is the latest entity to reveal initial public offering (IPO) plans in Saudi Arabia. The Riyadh-based company, which was set up in 2009, is offering 12 million shares, a 30 percent stake, on the Saudi Exchange (Tadawul) at a nominal value of SAR10 ($2.67) per share. […]