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

STC wants to consolidate the mobile tower market

STC approves PIF purchase of telecom company

Shareholders of Saudi telecom giant STC have approved plans to create a new telecommunications infrastructure company in which the Public Investment Fund will have a 51 percent stake valued at SAR8.7 billion ($2.3 billion).  Under the deal, the STC-owned Telecommunication Towers Co. Limited (Tawal) will become a PIF subsidiary through a merger with Golden Lattice […]

UAE markets Hong Kong

UAE capital markets partner with Hong Kong exchange

The Hong Kong Stock Exchange (HKSE) has added the Abu Dhabi Securities Exchange (ADX) and the Dubai Financial Market (DFM) to its roster of recognised marketplaces. The move opens the door for UAE-based companies to pursue secondary listings on one of Asia’s premier financial markets. It also follows the inclusion of the Saudi Exchange (Tadawul) […]

Person, Worker, Adult

Aramco and PIF invest in Saudi-Chinese steel venture

Saudi Aramco and the Public Investment Fund have doubled their investment in a steel plate joint venture with a Chinese company to $500 million. The two Saudi companies each own 25 percent shares in the new venture in Ras Al Khair industrial city, Bloomberg reported, quoting a statement published on the Chinese stock exchange. Chinese […]

Car, Transportation, Vehicle

Dubai Taxi to pay $43m dividend despite profit drop

Dubai Taxi Company, a subsidiary of the emirate’s transport regulator, has approved a dividend payout of AED159 million ($43 million) for the first half of 2024 despite a marginal 1 percent increase in net profit. Net earnings reached AED187.4 million in the first six months of the year, compared to AED186.3 million at the same […]