Riyadh – Mubasher: ACWA Power Company has signed a cooperation framework with the African Development Bank (AfDB) to expand investment and financing of power generation and water desalination projects across the African continent.

Both sides plan to accelerate the financing of up to $5 billion of sustainable energy and water projects across Africa between 2025 and 2030, according to a press release.

The signing came on the sidelines of the Africa Investment Forum, which was held in Morocco.

Hashim Ghabashi, President Africa Region at ACWA Power, commented: “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.”

Meanwhile, the partnership will focus on appraising and supporting renewable energy, desalination, and grid-connected power projects in Africa, 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.

By combining ACWA Power’s global project development expertise with AfDB’s deep financing capabilities and regional insights, this cooperation is expected to accelerate energy access, improve water security, and promote green investment.

ACWA Power recently inked a joint development agreement with Bapco Energies to establish a solar power plant integrated with large-scale battery energy storage technology in the Eastern Province of Saudi Arabia.