ACWA Power Forms Joint Venture with IRENA to Lead Global Energy Transition

ACWA Power signed a partnership agreement with the International Renewable Energy Agency (IRENA) to drive the worldwide transition to renewable energy sources. The agreement will provide a framework for cooperation for the implementation of sustainable energy solutions.

ACWA Power will collaborate with IRENA to exchange vital information on infrastructure investment for renewable energy, green hydrogen development, solar power, smart grids, and the energy-water nexus. Additionally, ACWA Power will participate in IRENA initiatives, including Green Hydrogen, Collaborative Frameworks, Project Facilitation, the Alliance for Industry Decarbonization, the Utilities for Net Zero Alliance, and the Coalition for Action.

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ACWA Power and IRENA will explore opportunities to mobilize finance and investment in renewable energy projects and support infrastructure, facilitating the development, storage, distribution, transmission, and consumption of renewables. 

Marco Arcelli, Chief Executive Officer of ACWA Power, said, “By combining our strengths and resources, we are prepared to drive meaningful change and accelerate the transition to renewable energy on a global scale."

About ACWA Power

ACWA Power is a leading Saudi Arabian company specializing in power generation, renewable energy, and desalinated water production. Established in 2004 and headquartered in Riyadh, ACWA Power has grown to become a significant player in the global energy sector.

The company's portfolio is diverse, with 81 assets in operation, construction, or advanced development across 12 countries. These assets can generate 55.1 GW of power and produce 7.6 million m3/day of desalinated water. The total investment value of these projects is estimated at USD 84.7 billion. Some of  the desalination projects include:

• Shuaiba 3 Desalination Plant
• Umm Al Quwain Desalination Plant

In recent years, ACWA Power has been involved in several significant projects and partnerships. One notable example is a green hydrogen project in Egypt, which is worth more than USD 4 billion. This project underscores ACWA Power's commitment to exploring and investing in cutting-edge renewable energy technologies.

About International Renewable Energy Agency

The International Renewable Energy Agency (IRENA) is an intergovernmental organization established in 2009 with the mandate to facilitate cooperation, advance knowledge, and promote the adoption and sustainable use of renewable energy. It is the first international organization to focus exclusively on renewable energy, addressing needs in both industrialized and developing countries.

Headquartered in Masdar City, Abu Dhabi, IRENA serves as the principal platform for international cooperation, supporting countries in their energy transitions, and providing state-of-the-art data and analyses on technology, innovation, policy, finance, and investment. The agency's membership includes 168 states and the European Union.

IRENA's mission is to support countries worldwide in their transition to a sustainable energy future. This is achieved through various initiatives and programs aimed at promoting the widespread adoption and sustainable use of all forms of renewable energy. One of the key roles of IRENA is to provide a platform for knowledge sharing and technical cooperation among its member states. This includes the dissemination of best practices, the provision of training and capacity-building programs, and the facilitation of technology transfer.

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