Saudi Arabia’s ACWA Power has signed agreements worth more than $1.45 billion at Future Investment Initiative (FII9) event in Riyadh to advance clean energy, water and storage projects across Africa.

For Africa, ACWA Power deepened its long-standing partnership with the International Finance Corporation (IFC) through two strategic agreements aimed at accelerating clean energy and water infrastructure deployment on the continent. The first Framework Agreement, valued at up to USD 1 billion, will provide project and corporate financing as well as capacity building and advisory support for ACWA Power’s growing portfolio across Africa.

A second non-binding Framework Agreement between ACWA Power and IFC will explore the establishment of an equity investment platform to channel private capital into late-stage renewable energy IPPs and small-scale IPP & seawater desalination projects, aiming to provide more flexibility and faster accessibility to develop smaller scale project, particularly in Sub-Saharan Africa, in support of Mission 300. Both initiatives will accelerate private-sector participation and sustainable infrastructure delivery across the region.

ACWA Power also signed a Cooperation Agreement with the OPEC Fund for International Development (“OPEC Fund”)to expand its financing and equity investment support to ACWA Power for its ventures in Africa and other priority markets. The OPEC Fund may extend project financing, equity bridge loans, as well as equity investments support with USD 450 million as the initial target. The agreement reflects the parties shared commitment to advancing utility-scale clean energy and water projects that drive inclusive, low-carbon growth across the developing world.

To further enhance access to sustainable power across Southern Africa, ACWA Power entered into a Memorandum of Understanding with Chariot Limited to co-develop a utility-scale energy platform serving South African countries Power Pool (SAPP). The platform will focus on renewable power, battery storage, gas-to-power, and energy trading to support regional energy security and industrial development.