ACWA Power has signed a Cooperation Framework with the African Development Bank (AfDB) to expand collaboration on power generation and water desalination projects across Africa
The agreement was formalised during the Africa Investment Forum in Rabat, Morocco, and is intended to strengthen project development, investment and financing across the continent.
The Cooperation Framework establishes a structured mechanism for jointly identifying, developing and financing energy and water projects. Through this partnership, both parties aim to accelerate the financing of up to US$5bn in sustainable power and water projects across Africa between 2025 and 2030.
Commenting on the agreement, Hashim Ghabashi, president Africa region at ACWA Power, said, “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 focus on the appraisal and support of renewable energy, desalination and grid-connected power projects, with particular emphasis on sub-Saharan Africa. This aligns closely with Mission 300, a joint initiative of the AfDB and the World Bank Group, which aims to bring electricity to 300 million people in sub-Saharan Africa by 2030. In addition to financial collaboration, the Framework also places strong emphasis on Environmental and Social (E&S) development.
The agreement marks an important milestone, reinforcing the shared commitment of ACWA Power and AfDB to sustainable and inclusive growth in Africa’s energy and water sectors. By combining ACWA Power’s global project development expertise with AfDB’s financing capabilities and regional insight, the partnership is designed to accelerate energy access, strengthen water security and promote green investment across the continent.
