ACWA Power signs cooperation agreement with Natixis CIB to finance new projects
ACWA Power, a leading developer, investor, and operator of power generation, desalinated water, and green hydrogen plants worldwide, and Natixis Corporate & Investment Banking (Natixis CIB), a subsidiary of Groupe BPCE, the second largest banking group in France, today signed a Memorandum of Understanding (MoU) stating their intention to collaborate on the advancement of ACWA Power's projects in the region.
The MoU was signed in Jeddah, Saudi Arabia, by Clive Turton, Chief Investment Officer of ACWA Power, and Anne-Christine Champion, Co-Head of Natixis CIB. It paves the way for the two parties to explore opportunities to develop new projects in the region, including in renewable and clean energy, with an objective for Natixis CIB to finance up to approximately USD 2 billion over two years for ACWA Power's future project pipeline.
The signing ceremony took place in Jeddah in the presence of HE Khalid Al Falih, the Saudi minister of Investment; HE Franck Riester, the French Minister of Foreign trade and Economic Attractiveness; as well as Mohammad Abunayyan, Chairman of ACWA Power; and Barbara Riccardi, Regional Head for Middle East and Ammar Bukhamsin Country Head of Saudi Arabia from Natixis CIB.
Commenting on the announcement, Paddy Padmanathan, President and Chief Executive Officer, ACWA Power, said: "Building on a hugely successful longstanding partnership, we are proud and privileged to document the vision to further expand this relationship through this MoU. This MoU signed today demonstrates our shared commitment to advancing the renewable energy and decarbonisation ambition in the markets we serve by expanding cost competitive financing solutions through innovative structures and accessing wider pools of liquidity. At ACWA Power, we remain committed to building strategic relationships that ensure we cater to the rising demand of power and water within the communities in which we operate without compromising the path towards achieving the objective of becoming net zero by 2050."
Anne-Christine Champion, Co-Head of Natixis CIB, said: “We are delighted to have signed an MoU with ACWA Power, which cements the close relationship of trust and cooperation that we have forged over the past ten years. Natixis CIB’s area of expertise are highly complementary to those of ACWA Power, and we greatly look forward to continuing to accompany ACWA Power as it leads the way in the development of renewable energy, water desalination and green hydrogen projects throughout the region.”
Since 2005, ACWA Power and Natixis CIB's relationship has increasingly grown, and Natixis has underwritten a number of ACWA Power's high-profile projects such as Sakaka Solar PV IPP, DEWA IV CSP/PV Hybrid IPP, and DEWA V Solar PV IPP.
ACWA Power's mission is to reliably and responsibly deliver electricity and desalinated water at a low cost, thereby contributing effectively to the sustainable, social and economic development of communities and countries.