Saudi Arabia-headquartered ACWA Power and Iraq Energy Institute have signed on Wednesday a Memorandum of Understanding (MoU) to strengthen research development projects and cooperate on boosting their capacity-building programs.
The MoU was signed in Baghdad to exchange expertise and bring about solutions for the challenges facing the region, as well as to improve the private-public investor landscape in Iraq, ACWA Power said in a statement.
“The signing of the MoU will certainly bridge to further alliances between ACWA Power and Iraqi energy players and is a robust start of a mutually beneficial relationship built on knowledge and exchange of energy proficiency between the Kingdom of Saudi Arabia and Iraq – which we are proud to lead and are keen to further progress,” Mohammad Abunayyan, Chairman of ACWA Power, said in a statement.
Iraq Energy Institute is an independent non-profit policy organization.
ACWA Power – which develops, owns, and operates power generation and water desalination plants – has a portfolio with an investment value in excess of $45 billion.
It is owned by eight Saudi Arabian conglomerates, including the Public Investment Fund, the Kingdom’s sovereign wealth fund, as well as the Saudi Public Pensions Agency.