PIF, ACWA Power partner to develop energy, water infrastructure

PIF and ACWA Power seek to join forces to provide the critical energy and water infrastructure and utilities to PIF-owned local real estate projects

The Public Investment Fund (PIF) and ACWA Power Co. signed today, Nov. 3, a non-binding memorandum of understanding (MoU) to explore opportunities for developing energy and water infrastructure projects that serve the PIF-owned local real estate portfolio companies.

Signed on the sidelines of the ninth edition of the Future Investment Initiative (FII9), the MoU aims to foster cooperation between both parties on various utility projects to meet the energy and water needs of PIF’s domestic real estate developments, according to a PIF statement.

“PIF and ACWA Power will collaborate to further advance resilient utilities and sustainable infrastructure projects,” read the statement.

It continued, “The cooperation between PIF and ACWA Power will expand the delivery of quality utilities infrastructure in PIF local real estate projects. This cooperation will also further contribute to maximizing the use of locally produced content and private sector investment in Saudi infrastructure projects.”

PIF directly owns about 44.2% of ACWA Power.