Acwa Power, a leader in power generation and desalination, and Natixis Corporate & Investment Banking (Natixis CIB), a subsidiary of Groupe BPCE, have signed an agreement to collaborate on the advancement of Acwa Power’s projects in the region.

The memorandum of understanding (MoU) was signed in Jeddah, Saudi Arabia, by Clive Turton, Chief Investment Officer of Acwa Power, and Anne-Christine Champion, Co-Head of Natixis CIB.

It paves the way for the two parties to explore opportunities to develop new projects in the region, including in renewable and clean energy, with an objective for Natixis CIB to finance up to approximately $2 billion over two years for Acwa Power’s future project pipeline.