Saudi-listed renewable energy and water desalination company ACWA Power has signed five agreements with Italian entities in the government and private sectors to collaborate on clean energy and water projects across Central Asia, Africa, and other regions.

Source: Zawya

The partnerships also aim to facilitate Italian exports in these industries, according to an ACWA Power press statement.

Among these five agreements are:

Two agreements with SACE worth $600 million: SACE, Italy’s export credit agency, will provide a $100 million line of credit to ACWA Power for green projects in Central Asia while promoting Italian SME exports. A second agreement includes insurance and financial solutions of up to $500 million, supporting the internationalization of Italian companies in clean energy and infrastructure projects.

Three-year deal with Cassa Depositi e Prestiti (CDP): ACWA Power signed a three-year agreement with CDP, Italy’s development financial institution, focusing on projects in ODA-eligible countries. The agreement promotes collaboration between ACWA Power and Italian companies in global supply chains.

The press statement said the agreements align with Italy’sMattei Plan, which focuses on sustainable development and economic cooperation between Europe and key regions in Africa and beyond. 

In 2024, ACWA Power added 21 new projects worth $14.5 billion, increasing its portfolio by 14.5 gigawatts (GW) of power and 0.4 million cubic metrrs per day (m³/day) of water desalination capacity. The company aims to triple its assets under management to 250 assets and $250 billion by 2030. This includes developing 70 percent of Saudi Arabia's renewables pipeline and expanding into Central Asia, China, and Africa.