Natixis CIB to finance ACWA Power for up to US $2 billion

By Energy Connects

Dec 06, 2021

The signing ceremony took place in Jeddah in the presence of Khalid Al Falih, the Saudi minister of Investment; 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. (Picture courtesy of ACWA Power).

Saudi utilities provider ACWA Power signed with France’s second largest banking group Natixis CIB, an agreement to finance up to approximately US $2 billion over two years ACWA Power's projects in the Middle East.

“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,” said Paddy Padmanathan, President and Chief Executive Officer, ACWA Power.

“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.”

Natixis has underwritten a few 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 portfolio includes 66 power or desalinated water projects in 13 countries, with an estimated project cost of US $67 billion.

The agreement, the company said in a joint statement, paves the way for the two parties to explore opportunities to develop new projects in the region, renewable and clean energy.