Riyadh – Mubasher: ACWA Power Company has signed two strategic documents with SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, to cooperate on new business opportunities focused on renewable energy projects.
The collaboration has a shared interest in partnering on initiatives in Africa and Central Asia, according to a press release.
The agreements establish a credit facility to support ACWA Power's green projects across Central Asia and facilitate the export of Italian companies, which is in line with SACE's mandate.
Meanwhile, SACE will provide a $100 million line of credit to ACWA Power in exchange for a commitment to create business matching opportunities with Italian companies in their respective areas of interest.
CEO of ACWA Power, Marco Arcelli, said: “By combining SACE's financial expertise with our operational capabilities, we're not only fostering economic cooperation between Saudi Arabia and Italy but also accelerating the transition to sustainable solutions in developing markets."
The agreements have been signed by the CEO of ACWA Power, Marco Arcelli and by the CEO of SACE, Alessandra Ricci on the occasion of the Italian PM’s visit to Saudi Arabia.
SACE and ACWA Power have also documented a commitment to explore new opportunities and evaluate up to $500 million in support, with the goal of facilitating exports from Italy and promoting the internationalisation of Italian companies, including SMEs.
CEO of SACE, Alessandra Ricci, noted: “SACE is proud to leverage its financial expertise to facilitate projects that focus on renewable energy in high potential regions such as Africa and Central Asia and will open new important opportunities and connections for Italian companies.”
Both ACWA Power and SACE’s global focus encompasses opportunities in all regions, including projects on the African continent and in the CIS region.
The listed company recently penned a memorandum of understanding (MoU) with Snam to establish a supply chain of green hydrogen across Europe.
Earlier, ACWA Power entered into China's renewable energy market with investment agreements for over 1-gigawatt (GW) of projects across multiple provinces.
