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. 

He added: “The continent represents a vital market for ACWA Power, and this partnership will significantly accelerate our ability to deliver transformative power and water projects. Execution of this framework with AfDB is a crucial step toward achieving energy and water security for millions.” 

According to the press statement, the cooperation will focus on appraising and supporting renewable energy, desalination, and grid-connected power projects on the continent, with a particular emphasis on sub-Saharan Africa.

This aligns closely with Mission 300, a joint initiative of the AfDB and the World Bank Group, which aims to bring electricity to 300 million people in sub-Saharan Africa by 2030. In addition to financial collaboration, the framework includes a focus on environmental and social development. 

“The Framework marks a major milestone, reinforcing both ACWA Power’s and AfDB’s commitment to sustainable, inclusive growth in Africa’s energy and water sectors,” the press statement said.

It further added that the framework will accelerate energy access, enhance water security, and promote green investment in Africa. 

Last year, Marco Arcelli, CEO of ACWA Power, said the company’s investments in Africa totaled $7 billion, all of which were focused on renewable projects.

He added that these investments fall in line with the firm’s position as the leading private investor in the continent’s renewable energy sector.