ACWA Power signs MoU with Natixis CIB to fund up to $2 bln of projects

Company executives signing the memorandum of understanding

International Company for Water and Power Projects (ACWA Power) and Natixis Corporate & Investment Banking (Natixis CIB), a subsidiary of Groupe BPCE, signed a memorandum of understanding (MoU) to collaborate on funding ACWA Power's projects in the region.

The MoU, which has a duration of two years, paves the way for the two parties to explore opportunities for the development of new projects in the region, including those related to renewable and clean energy, ACWA Power said in a bourse statement.  

The memorandum includes an objective for Natixis CIB to finance ACWA Power's future projects with up to $2 billion (nearly SAR 7.5 billion) over two years. 

The financial impact of the agreement cannot be determined at this stage, the statement added, noting that no related parties are included in the deal.

Since 2005, ACWA Power and Natixis CIB's relationship has increasingly grown, as Natixis has underwritten a number of ACWA Power's high-profile projects such as Sakaka Solar PV IPP, DEWA IV CSP/PV Hybrid IPP, and DEWA V Solar PV IPP, the statement said.