SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, and ACWA Power, the world’s largest private water desalination company, leader in energy transition, and first mover into green hydrogen, have signed today 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 have been signed by the CEO of ACWA Power, Marco Arcelli and by the CEO of SACE, Alessandra Ricci on the occasion of the Italian PM’s visit to Saudi Arabia.

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.

“We are honoured 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 internationalisation journey” said Alessandra Ricci, Chief Executive Officer of SACE. “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.”

SACE and ACWA Power 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 internationalisation of Italian companies, including small and medium-sized enterprises.

ACWA Power and SACE share a common interest in sustainable and renewable projects. Their global focus encompasses opportunities in all regions, including projects on the African continent and in the CIS region.