ACWA Power has signed two agreements with SACE, an Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, to explore renewable energy projects. The agreements focus on business opportunities in Africa and Central Asia. One agreement establishes a credit facility to support ACWA Power’s projects in Central Asia and promote exports from Italian companies. SACE will also provide a $100 million line of credit to ACWA Power. In return, ACWA Power will facilitate business matching opportunities for Italian companies. The agreements were signed by ACWA Power CEO Marco Arcelli and SACE CEO Alessandra Ricci during the Italian Prime Minister’s visit to Saudi Arabia.
ACWA Power has been expanding its renewable energy projects in various regions. It recently signed a memorandum of understanding with Snam to develop a green hydrogen supply chain across Europe. It has also entered China’s renewable energy market, investing in over 1 gigawatt of projects across different provinces.
In Riyadh, several renewable energy projects are under development as part of the country’s energy diversification strategy. The Sudair Solar PV Plant has an installed capacity of 1,500 megawatts and is one of the largest solar projects in the region, designed to supply power to hundreds of thousands of households. The Dumat Al Jandal Wind Farm, with a capacity of 400 megawatts, is Saudi Arabia’s first utility-scale wind project, aiming to contribute to the national renewable energy mix.
The Al-Faisaliah Solar Project, with a capacity of 600 megawatts, is part of the broader plan to increase solar energy production. The Riyadh Waste-to-Energy Plant is designed to convert municipal waste into power, reducing landfill use while generating electricity. The Green Hydrogen Research Initiative in Riyadh involves universities and research institutions studying hydrogen production as an alternative energy source.
