Skip to content Skip to Search
Skip navigation

Acwa Power seals $746m green energy deals

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

Saudi Arabia Ronnie O'Sullivan snooker

Ronnie O’Sullivan to be Saudi snooker ambassador

Saudi Arabia has signed a deal with the world’s top snooker player, Ronnie O’Sullivan, for him to act as an “ambassador” for the sport in Saudi Arabia.  It was announced alongside news that Saudi Arabia has become an official sponsor of the World Snooker Championship that begins this weekend in Sheffield, UK. Under the three-year […]

UAE Costa Rica Cepa

Costa Rica added to UAE economic partners

The UAE has signed a comprehensive economic partnership agreement with Costa Rica, the latest in a string of trade deals around the world over the past two years. It is the first time the South American country has signed an agreement with a Middle Eastern country. The agreement will improve trade flows between the two […]

A man wades through a flooded street in Dubai. Some areas of the UAE received more than a year's worth of rain in one day Video length: 03:08

UAE president orders review after flooding

The UAE’s president, Sheikh Mohamed bin Zayed Al Nahyan, has ordered an urgent review of the country’s infrastructure after historic levels of rainfall brought the Gulf state to a standstill, with some areas seeing more than a year’s worth of rain in one day. The president has contacted authorities “to quickly work on studying the […]

Visitor numbers to Lebanon for the first 10 months of 2023 were up 21% on 2022 but there is currently 'no significant traffic' from the West

Beirut airport arrivals drop as Westerners stay away

The daily arrival rate at Lebanon’s only functioning international airport is down by 4 percent year on year in the first quarter of this year, according to Marwan Haber, the head of Middle East Airline’s (MEA) commercial division. Speaking at the Horeca hospitality conference in Beirut on Tuesday Haber said 95 percent of arrivals were […]