By: Utilities Middle east

Saudi Arabia’s ACWA Power has signed agreements worth more than $1.45 billion at the Future Investment Initiative (FII9) in Riyadh to advance clean energy, water, and storage projects across Africa.

According to the news report by Zawya, the Tadawul-listed developer of utility and hydrogen projects said on Wednesday that it has strengthened its collaboration with the International Finance Corporation (IFC) through two new framework agreements to accelerate clean energy and water infrastructure developments across the continent.

The first framework, valued at up to $1 billion, covers project and corporate financing, capacity building, and advisory services for Acwa Power’s growing African portfolio.

A second, non-binding agreement will explore the creation of an equity investment platform to channel private capital into late-stage renewable energy independent power producers (IPPs), small-scale IPP, and desalination projects, particularly in Sub-Saharan Africa, under the Mission 300 programme.

Mission 300, led by the World Bank and African Development Bank, aims to connect 300 million people to electricity in the region by 2030.

ACWA Power also signed a Cooperation Agreement with the OPEC Fund for International Development (OPEC Fund) to expand financing and equity support for its ventures in Africa and other emerging markets. The OPEC Fund may extend project financing, equity bridge loans, and equity investment support, with $450 million as the initial target.

In a separate deal, Acwa Power signed a Memorandum of Understanding with Chariot to co-develop a utility-scale energy platform for the Southern African Power Pool (SAPP). The initiative will focus on renewable energy, battery storage, gas-to-power, and energy trading to enhance regional power security and industrial growth.

The SAPP is an international power pool created to provide reliable and economical electricity supply to each of its 22 members through an interconnected grid and common electricity market.