ACWA Power, the world’s largest private water desalination company and a leader in energy transition, has signed a Cooperation Framework with the African Development Bank (AfDB) at the Africa Investment Forum in Rabat, Morocco.
The agreement aims to strengthen collaboration in the development, investment, and financing of power generation and water desalination projects across Africa.
The Framework outlines a structured approach for collaboration in identifying, developing, and financing energy and water projects. Both parties aim to expedite the financing of up to $5 billion for sustainable energy and water initiatives across Africa between 2025 and 2030.
“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 concentrate on evaluating and supporting renewable energy, desalination, and grid-connected power projects across the continent, with a special focus on sub-Saharan Africa.
This aligns with Mission 300, a joint initiative by the AfDB and the World Bank Group, aimed at providing electricity to 300 million people in sub-Saharan Africa by 2030. Beyond financial collaboration, the Framework also emphasizes Environmental and Social (E&S) Development, ensuring sustainable and inclusive growth.
The Framework marks a significant milestone, strengthening both ACWA Power’s and AfDB’s commitment to sustainable and inclusive growth in Africa’s energy and water sectors.
By leveraging ACWA Power’s global project development expertise and AfDB’s extensive financing capabilities and regional knowledge, this partnership aims to accelerate energy access, improve water security, and drive green investment across the continent.
