SACE, an Italian financial and insurance group, and ACWA Power have finalized two strategic agreements in Baku, Azerbaijan, during the Italian Prime Minister's visit to Saudi Arabia. The agreements aim to advance green energy projects in Africa and Central Asia, with a specific focus on renewable energy, water desalination, and green hydrogen. One of the key components of the partnership is a $100 million credit facility that will support ACWA Power's green initiatives in Central Asia while also facilitating business opportunities for Italian companies. This collaboration seeks to enhance economic cooperation between Saudi Arabia and Italy in the renewable energy sector. The CEOs of ACWA Power and SACE, Marco Arcelli and Alessandra Ricci respectively, emphasized the importance of this partnership in driving the energy transition in emerging markets. They highlighted the combination of financial expertise and operational capabilities as crucial for fostering economic cooperation and sustainable solutions in developing regions like Africa and Central Asia. The agreements also pave the way for future investments, with a commitment of up to $500 million to support projects that enable Italian SMEs to expand internationally and contribute to the global shift towards renewable energy solutions. Overall, the alliance between SACE and ACWA Power is aimed at accelerating the transition to cleaner energy, promoting economic growth in key emerging markets, and supporting the internationalization of Italian companies, particularly in high-potential regions such as Africa and Central Asia.