• ACWA Power, AfDB sign deal to develop energy, water projects in Africa
• Partnership targets $5 billion in financing by 2030, focusing on renewables
• Deal supports electrification of Sub-Saharan Africa under Mission 300 plan

Dubai-based ACWA Power, which specializes in renewable energy and water desalination, said on Tuesday it had signed a framework agreement with the African Development Bank to support the development and financing of energy and water projects across Africa.

The agreement sets out a partnership to identify, develop and finance power generation and desalination projects, with the aim of unlocking up to $5 billion in financing by 2030. The projects will focus on renewable energy, desalination infrastructure and grid-connected power plants, particularly in Sub-Saharan Africa.

The deal aligns with Mission 300, a joint initiative by the African Development Bank and the World Bank Group that aims to connect 300 million people in Sub-Saharan Africa to electricity by 2030. It also comes as development finance institutions seek to increase private sector participation to narrow the investment gap in the continent’s electrification efforts.

Africa’s financing needs remain substantial, especially in Sub-Saharan Africa. According to the International Energy Agency, around $150 billion in investment would be needed to achieve universal access to electricity in the region by 2035, equivalent to about $15 billion per year — roughly six times current spending levels. The agency estimates that about 600 million people were still without access to electricity in 2024, nearly 47% of the population.

Against this backdrop, partnerships between development lenders and private developers are seen as a key mechanism for mobilizing capital. Their impact, however, will depend on whether announced commitments translate into funded and implemented projects in a region that continues to attract the least energy investment globally.

Abdoullah Diop