Sace, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, and Acwa Power have signed two strategic documents to cooperate on new business opportunities, with a focus on renewable energy projects and a shared interest in partnering on initiatives in Africa and Central Asia.
The agreements establish a credit facility to support Acwa Power’s green projects across Central Asia and facilitate the export of Italian companies, which is in line with Sace’s mandate. Sace will provide a $100 million line of credit to Acwa Power in exchange for a commitment to create business matching opportunities with Italian companies in their respective areas of interest.
The companies have also documented a commitment to explore new opportunities and evaluate up to $500 million in support, with the goal of facilitating exports from Italy and promoting the internationalization of Italian companies, including small and medium-sized enterprises.
Marco Arcelli, Chief Executive Officer, Acwa Power, said: “Our partnership with Sace marks a significant step in our global expansion strategy, particularly in renewable energy, water desalination and green projects across Africa and Central Asia. By combining Sace’s financial expertise with our operational capabilities, we’re not only fostering economic cooperation between Saudi Arabia and Italy but also accelerating the transition to sustainable solutions in developing markets.”
Alessandra Ricci, Chief Executive Officer, Sace, said: “We are honored to announce this strategic partnership with Acwa Power, which represents a significant step in our mission to promote energy transition and support Italian businesses in their internationalization journey. Sace is proud to leverage its financial expertise to facilitate projects that focus on renewable energy in high potential regions as Africa and Central Asia and will open new important opportunities and connections for Italian companies.”