en.Wedoany.com Reported - Acwa Power, supported by Saudi Arabia's Public Investment Fund (PIF), will invest $700 million to build a 230-megawatt power plant in Mauritania.

The renewable energy company has signed a 25-year public-private partnership agreement and a gas-to-power conversion agreement with the Mauritanian government and state-owned electricity supplier Somelec.

In a statement to the Saudi Stock Exchange, Acwa Power said the project scope includes the design, financing, construction, commissioning, operation, and maintenance of the N'Diago combined-cycle gas turbine power plant.

The company will hold a 60% stake in the project company, Ndiago Power Co.

In December 2023, UAE-based renewable energy company Amea Power announced plans to develop a gigawatt-scale electrolyzer project in Mauritania. The company is also building a 100 MW wind farm and a 100 MW solar photovoltaic plant in the country to de-risk the green hydrogen project.

Last month, Acwa Power leased land in the Philippines to build a 500 MW solar power plant.

Shares of Acwa Power (44% owned by PIF) rose 2.8% on Tuesday to close at 194 Saudi riyals, with a cumulative gain of nearly 7% this year.