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ACWA Power, IRENA join forces to boost global renewable energy transformation

ACWA Power, IRENA join forces to boost global renewable energy transformation
Marco Arcelli, CEO of ACWA Power, and Francesco La Camera, Director-General of IRENA
ACWA POWER
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Riyadh – Mubasher: ACWA Power Company teamed up with the International Renewable Energy Agency (IRENA) to back the global transition to renewable energy sources, according to a press release.

The agreement with IRENA aligns with ACWA Power's objectives to provide sustainable energy solutions and accelerate the adoption and sustainable use of renewable energy worldwide.

Under the partnership, the Saudi-listed company will collaborate with IRENA to exchange information on infrastructure investment for renewable energy, green hydrogen development, solar power, smart grids, and the energy-water nexus.

Furthermore, the two parties will explore opportunities to mobilise finance and investment in renewable energy projects and support infrastructure.

They will also facilitate the development, storage, distribution, transmission, and consumption of renewables.

Marco Arcelli, CEO of ACWA Power, said: “By combining our strengths and resources, we are prepared to drive meaningful change and accelerate the transition to renewable energy on a global scale."

“Through collaborative partnerships and innovative solutions, ACWA Power remains committed to advancing the widespread adoption and sustainable use of renewable energy, shaping a brighter and more sustainable future for generations to come,” Arcelli continued.

Francesco La Camera, Director-General of IRENA, commented: “We have less than a decade left to secure a fighting chance for a 1.5°C world.”

“Accelerating the renewable-based energy transition needs industry leaders and this MoU between IRENA and ACWA Power stands for the growing commitment of global industry to act on decarbonisation,” he noted.

The official concluded: “There is no alternative to the energy transition. We need to act together to accelerate the sustainable use of renewables and green hydrogen across the globe.”

ACWA Power and Dubai Electricity and Water Authority (DEWA) recently concluded the financial closing of an AED 3.37 billion desalination project in Hassyan.

Last year, the Saudi company posted 7.90% higher net profits at SAR 1.66 billion, versus SAR 1.54 billion in the January-December 2022 period.