OPEC Fund and ACWA Power strengthen partnership to advance clean energy and water projects

October 29, 2025: The OPEC Fund for International Development (the OPEC Fund) and ACWA Power have signed a five-year cooperation agreement worth up to US$450 million to accelerate financing and investment support to ACWA Power's renewable energy, water desalination, and green hydrogen across developing countries.

The signing took place during the 9th Future Investment Initiative (FII9) in Riyadh, Saudi Arabia, an OPEC Fund member country. The agreement reinforces the institutions shared commitment to sustainable infrastructure and climate-resilient growth.

OPEC Fund President Abdulhamid Alkhalifa said:

"Our partnership with ACWA Power exemplifies South-South cooperation. Together, we have already delivered transformative projects bringing clean, affordable energy to millions of people. This new agreement takes our collaboration to the next level, expanding our joint efforts across renewable energy, water and green hydrogen to help partner countries achieve sustainable growth and resilience."

Since 2016, the OPEC Fund and ACWA Power have co-financed six major projects across Jordan, Egypt, Uzbekistan, and Azerbaijan, with nearly US$300 million in OPEC Fund's financing to date. These projects have expanded access to reliable, affordable energy for millions of people, driving inclusive growth and climate resilience.

The new framework builds on this successful collaboration, paving the way for future co-financing and innovative financing structures. It also aligns with the OPEC Fund's Green-Blue Connect initiative, which integrates energy and water investments for stronger climate adaptation and mitigation, and with ACWA Power's strategy to triple renewable capacity and expand desalination and green hydrogen by 2030.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$30 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.

About ACWA Power:

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world's largest private water desalination company, the first mover into green hydrogen, and a leader in the global energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 15 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power's portfolio comprises 110 projects in operation, advanced development, or under construction with an investment value of SAR 429.75 billion (USD 114.6 billion) and the capacity to generate 93 GW of power (of which 52GW is renewables) and manage 9.2 million m3/day of desalinated water. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models. Learn more: https://www.acwapower.com