ACWA Power, France’s Natixis ink deal to fund up to $2bn for projects

By Amirtha P S, Desk Reporter
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ACWA Power
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Saudi Arabia-based power plant developer, ACWA Power has signed a Memorandum of Understanding (MoU) with Natixis Corporate & Investment Banking (Natixis CIB), a subsidiary of France-based Groupe BPCE, to collaborate on the advancement of ACWA Power’s projects in the region. 

The agreement paves the way for the two parties to explore opportunities to develop new projects in the region, including renewable and clean energy, with an objective for Natixis CIB to finance up to approximately $2 billion over two years for ACWA Power’s future project pipeline. 

Paddy Padmanathan
Paddy Padmanathan President & CEO
ACWA Power

“Building on a hugely successful longstanding partnership, we are proud and privileged to document the vision to further expand this relationship through this MoU. This MoU signed today demonstrates our shared commitment to advancing the renewable energy and decarbonization ambition in the markets we serve by expanding cost-competitive financing solutions through innovative structures and accessing wider pools of liquidity. 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.” 

Ms. Anne-Christine Champion, Co-Head of Natixis CIB, said, “We are delighted to have signed an MoU with ACWA Power, which cements the close relationship of trust and cooperation that we have forged over the past ten years. Natixis CIB’s areas of expertise are highly complementary to those of ACWA Power, and we greatly look forward to continuing to accompany ACWA Power as it leads the way in the development of renewable energy, water desalination and green hydrogen projects throughout the region.”

Since 2005, ACWA Power and Natixis CIB’s relationship has increasingly grown, and Natixis has underwritten a number 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. 

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