BAKU, Azerbaijan, Saudi ACWA Power Company has signed a Memorandum of Understanding with the European Bank for Reconstruction and Development (EBRD) to finance sustainable development projects in Azerbaijan, Trend reports via ACWA Power.

According to the company, besides Azerbaijan, the countries of focus within the MoU are Uzbekistan and Egypt.

The ultimate goal is to jointly support the transition to sustainable energy and ensure access to electricity and water in accordance with local and global environmental goals.

“With COP27 around the corner in Egypt, the world’s attention will be on constructive implementation plans that have a tangible impact in mitigating climate change. This MoU with the EBRD is an important signal from financial institutions in finding lasting solutions in the face of global warming, cements a long-standing business relationship and is a vote of confidence in ACWA Power’s abilities in being part of the journey towards a sustainable future,” Paddy Padmanathan, Chief Executive Officer and Vice Chairman of ACWA Power said.

As Nandita Parshad, Managing Director of Sustainable Infrastructure Group at EBRD, noted, “this partnership is important for mobilizing private capital and know how to accelerate the energy transition and create economic opportunities to change lives in the countries where the EBRD invests. We look forward to working together to build many more GWs of renewables and newer green technologies”.

To date, ACWA Power has nine projects under operation or advanced development in Azerbaijan, Uzbekistan and Egypt. Of these, eight facilities are in the renewable energy space.

Source: TREND News Agency