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ACWA Power: We try to convince pension funds and insurance companies to work with us

Marco Arcelli, Chief Executive Officer of ACWA Power

14 November 2024 14:55 (UTC +04:00)

"ACWA Power is a Saudi company. One of the leaders in energy transition. We have already invested in green hydrogen in Saudi Arabia and Uzbekistan," Marco Arcelli, the CEO of ACWA Power, said at the "COP29 Business, Investment, and Philanthropy Climate Platform" event, organized in collaboration with the Export and Investment Promotion Agency (AZPROMO) within the framework of the 29th session of the United Nations Framework Convention on Climate Change (COP29) held in Baku, APA reports.

Marco Arcelli called on various institutions to unite around the "green" transition: "I’m in the business of providing the most efficient solution to every community where we operate. But we cannot do it alone, so we act as an enabler to bring the best technologies and best financial solutions. We make the best technologies in the world cheaper by bringing the best finances. We need to work with the DFIs and work with them so they can increase the tenure to 20-25 years so that the contract can be longer and the cost can be lower. And that's what we're working together. My case study for that is Uzbekistan. We're investing $15 billion in a country with a per capita income of $2,000, $3,000 per year. So that shows that it can be done. And we're working here in Azerbaijan, and we're working elsewhere. And the last one is equity partners to lower this cost. Equity partners, we're looking increasingly to try to convince companies like pension funds, and insurance companies to work with us in these countries."

Mirvari Azizova