ACWA Power and AfDB sign development agreement for energy, water in Africa

RIYADH, December 17, 2025 – ACWA Power of Saudi Arabia has signed a co-operation framework agreement with the African Development Bank (AfDB) to support the financing and development of sustainable energy and water projects in Africa, ACWA Power announced on Tuesday.

The agreement, signed during the Africa Investment Forum in Morocco, outlines a plan to co-operate on the development and financing of up to USD 5 billion in projects between 2025 and 2030. The collaboration will focus on renewable energy, desalination and grid-connected power initiatives, particularly in sub-Saharan Africa. The framework also emphasises environmental and social development.

The AfDB is a regional multilateral development finance institution focused on social and economic development in Africa, offering project finance and policy support in energy, transport and water, among other sectors. The initiative with ACWA Power supports the Mission 300 programme, a joint initiative between the AfDB and the World Bank to provide electricity to 300 million people in sub-Saharan Africa by 2030.

“Africa 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,” said Hashim Ghabashi, ACWA Power’s president, Africa region.

ACWA Power is a leading Saudi developer and operator of power generation and water desalination projects. The company has invested in assets across the Middle East, Africa and Asia.

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