RIYADH: Saudi utility giant ACWA Power has signed a cooperation framework agreement with the African Development Bank to enhance collaboration on power generation and water desalination projects across Africa.
According to a press statement, the agreement was formalized during the Africa Investment Forum in Rabat, Morocco.
Under the deal, both parties will work together to identify, develop, and finance sustainable energy and water initiatives with a target of investing up to $5 billion between 2025 and 2030.
The development aligns with ACWA Power’s broader plans to expand its global footprint and to triple its assets under management to over SR937.5 billion ($250 billion) by the end of this decade.
“This Cooperation Framework with the African Development Bank is a testament to our unwavering commitment to Africa,” said Hashim Ghabashi, ACWA Power’s president for the Africa region.
