BAKU, Azerbaijan, January 29. SACE, the Italian financial and insurance group, and ACWA Power have signed two strategic agreements aimed at advancing green energy projects in Africa and Central Asia, Trend reports.
The deals were finalized during the Italian Prime Minister's visit to Saudi Arabia and focus on fostering new business opportunities in renewable energy, water desalination, and green hydrogen.
The agreements include a $100 million credit facility that will support ACWA Power’s green initiatives across Central Asia, while also promoting the export of Italian companies. In return, ACWA Power will create business matching opportunities with Italian firms to boost cooperation between Saudi Arabia and Italy in these key sectors.
Marco Arcelli, CEO of ACWA Power, highlighted that this partnership will accelerate the energy transition in emerging markets, saying, "By combining SACE's financial expertise with our operational capabilities, we are not only fostering economic cooperation but also driving sustainable solutions in developing regions."
Alessandra Ricci, CEO of SACE, added, "This partnership with ACWA Power marks a significant step in our mission to promote energy transition and support Italian companies in their internationalization journey, particularly in high-potential regions like Africa and Central Asia."
The partnership also sets the stage for future investments, with up to $500 million in support for projects that will help Italian SMEs expand into international markets and contribute to the global push for renewable energy solutions.
Through this collaboration, SACE and ACWA Power are committed to driving the transition to cleaner energy and boosting economic growth in key emerging markets.