Riyadh, Kingdom of Saudi Arabia: ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, has signed a Cooperation Framework with the African Development Bank (AfDB) during the Africa Investment Forum held in Rabat, Morocco, to significantly strengthen collaboration in the development, investment and financing of power generation and water desalination projects across the African continent.
The Framework establishes a clear structure for cooperation in identifying, developing, and financing energy and water projects. Both parties aim to accelerate the financing of up to USD 5 billion of sustainable energy and water projects across Africa between 2025 and 2030.
Hashim Ghabashi, President Africa Region – ACWA Power commented: “This Cooperation Framework with the African Development Bank is a testament to our unwavering commitment to Africa. The Continent represents a vital market for ACWA Power, and this partnership will significantly accelerate our ability to deliver transformative power and water projects. Execution of this Framework with AfDB is a crucial step toward achieving energy and water security for millions.”
The cooperation will focus on appraising and supporting renewable energy, desalination, and grid-connected power projects on the Continent, with a particular emphasis on sub-Saharan Africa. This aligns closely with Mission 300, a joint initiative of the AfDB and the World Bank Group, which aims to bring electricity to 300 million people in sub-Saharan Africa by 2030. In addition to financial collaboration, the Framework includes a focus on Environmental and Social (E&S) Development.
The Framework marks a major milestone, reinforcing both ACWA Power’s and AfDB’s commitment to sustainable, inclusive growth in Africa’s energy and water sectors. By combining ACWA Power’s global project development expertise with AfDB’s deep financing capabilities and regional insights, this cooperation is designed to accelerate energy access, enhance water security and promote green investment.
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