Natixis to support ACWA's project pipeline with up to USD 2bn

Rendering of phase 4 of the Mohammed bin Rashid Al Maktoum Solar Park. Source: Government of Dubai.

December 6 (Renewables Now) - French investment bank Natixis, a unit of co-operative banking group BPCE, and Saudi Arabia’s International Company for Water and Power Projects (TADAWUL:2082), or ACWA Power, plan to study opportunities to develop new projects in the region, including in renewable and clean energy.

The parties on Sunday signed a memorandum of understanding (MoU), which would see Natixis Corporate & Investment Banking (Natixis CIB) help fund ACWA Power's future project pipeline to the tune of up to USD 2 billion (EUR 1.77bn) over two years.

The parties have collaborated since 2005, with Natixis having underwritten a range of ACWA Power projects such as the 300-MW Sakaka utility-scale solar photovoltaic (PV) plant, the 900-MW fifth and the 950-MW fourth phases of the Mohammed bin Rashid Al Maktoum solar project in Dubai. The latter combines concentrated solar power (CSP) with photovoltaics.

ACWA Power, which develops and operates power generation, desalinated water and green hydrogen plants, is controlled at 50% by Saudi Arabia's state-owned Public Investment Fund (PIF).

(USD 1 = EUR 0.886)

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