Acwa Power signed several agreements worth a total of $746 million at the Future Investment Initiative (FII7) in Riyadh.

In a $500-million Heads of Terms agreement, EIG and Acwa Power agreed to cooperate in power generation, water desalination, green hydrogen, and green ammonia projects, with a specific focus on investing in projects in Gulf countries and Uzbekistan.

"This is a landmark agreement with EIG, one of the world’s largest infrastructure investment firms. Their commitment to working with Acwa Power is a sign of confidence in the company’s strong position in power, water, and green hydrogen, and we look forward to collaborating in these areas," said Marco Arcelli, Acwa Power CEO.

Acwa Power has also signed the funding agreements at an aggregate project financing amount of $246 million with the European Bank for Reconstruction & Development (EBRD) and the Opec Fund for International Development (The Opec Fund) for the development of a 240MW wind power project in Azerbaijan.

The project is the first foreign investment-based independent wind power project in the Republic of Azerbaijan, structured as a public-private partnership (PPP) at a total investment 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 cu m of natural gas and reduce carbon emissions by more than 400,000 tonnes annually.

Apart from this 240MW plant, Acwa Power has partnered with the Azerbaijan Ministry of Energy 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 (BESS).

Arcelli added: "Acwa Power is enthusiastic about playing a pivotal role in helping Azerbaijan achieve its goal of meeting 30 per cent of its energy needs through renewable sources by 2030."

Abdulhamid Alkhalifa, Opec Fund Director-General, said: "The Opec Fund is proud to be a key partner in the Khizi-Absheron Wind Power Project, which will mark a shift in Azerbaijan’s energy landscape by promoting foreign investment and private sector financing for a public-private partnership renewable project. Through our support we aim to catalyse clean energy generation and a diversified energy future for Azerbaijan. The agreement is also testament to what international development cooperation can achieve."