ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants with a presence in 13 countries across the Middle East, Africa, and central and southeast Asia. ACWA Power's portfolio of projects in operation and development has an investment value of USD 85.7 billion, and a capacity of 55.1 GW of power and 8 million m3/day of desalinated water.[1]

ACWA Power
Company typePrivate company
IndustryElectricity
Founded2004
Headquarters,
Saudi Arabia
Key people
ProductsElectric power
water
Number of employees
4,000
Websiteacwapower.com

Its energy portfolio includes thermal power plants,[2] solar power plants (photovoltaic (PV) and concentrated solar power (CSP)),[3] wind,[4] water desalination plants,[5] and green hydrogen projects.[6][7]

Background

edit

Headquartered in Saudi Arabia, ACWA Power maintains regional offices in Riyadh, Jeddah, Dubai, Baku, Beijing, Cairo, Addis Abbaba, Jakarta, Amman, Rabat, Muscat, Johannesburg, Istanbul, Tashkent, and Hanoi.[8] It invests in, develops, co-owns and operates a portfolio of 82 projects with the capacity to generate 55.1 GW of power and produce 8 million m3/day of desalinated water.[1] ACWA Power and its subsidiary operating companies employ around 4,000 people in projects in 13 different countries.[9]

Structure

edit

ACWA Power's board of directors is chaired by Mohammad Abdullah Abunayyan,[10] with Raad Al Saady as its Vice Chairman and Managing Director,[11] and Marco Arcelli as its CEO.[12]

History

edit

In 2002, the Government of Saudi Arabia changed the regulations so that the private sector was permitted to own and operate utilities such as water and power plants. The company was originally founded in 2004 as ACWA Power Projects, a joint venture between ACWA Holding (representing the Abunayyan Holding Company and Al-Muhaidib, today known as Vision International Investment Company) and the MADA Group for Industrial and Commercial Development (today known as Al Rajhi Group Holding) to take advantage of these new private sector investment and operation opportunities in the Saudi Arabian market. The company was reorganised in 2006 in its current legal form as ACWA Power Company.[13] From 2004 to 2011, ACWA Power focused primarily on Saudi Arabia, and was awarded contracts for several thermal power projects – including the Shuaibah IWPP, Shuqaiq 2 IWPP, Rabigh IPP and Marafiq IPP.[14][15][16][17] The company began international expansion in 2011 with the acquisition of Central Electricity Generating Company (CEGCO) in Jordan, and the signature of a joint development agreement for the Kirikkale Combined Cycle Gas Turbine project in Turkey, which subsequently won backing from the European Bank for Reconstruction and Development (EBRD).[18][19][20][21] The company has since expanded to presently 13 countries covering the Middle East, Africa, Central Asia and Asia.[22]

The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, acquired a 15% stake in ACWA Power in 2018, and has since increased that to the current 44% shareholder.[23]

 
Northern Cape Premier Mrs Sylvia Lucas visits Bokpoort CSP apprentices to get feedback on Apprenticeship Program

Sakaka IPP, Saudi Arabia

edit
  • ACWA Power developed Saudi Arabia’s first major solar project, located in the north of the Kingdom.[24]
  • The contract for the 300MW Sakaka IPP was awarded in February 2018 with a 25-year power purchase agreement at a then world record low tariff of $0.0234 per kilowatt hour.[24][25]

Bokpoort Independent Power Project, South Africa

edit
  • The Bokpoort IPP project, a 50 MW concentrated solar power plant with 9.3 hours thermal storage, was ACWA Power’s first project using CSP technology, and first project in South Africa. Bokpoort IPP commenced commercial operations in December 2015.[26][27][28][29][30][31][32][33][34]

Noor I, II, III, IV Ouarzazate, Morocco

edit

The Noor solar complex with 510 MW solar CSP and 135 MW solar PV capacity near Ouarzazate, Morocco, was the largest CSP complex in the world in 2019.[35]

  • In 2015, ACWA Power was awarded a €1.7 billion contract for two further solar power projects, Noor II and Noor III, in Morocco.[36][37][38]
  • Noor I was inaugurated in February 2016 and has a generation capacity of 160 MW of electricity. Noor 2 and Noor 3 have a generation capacity of 200 MW and 150 MW respectively. Whereas Noor 1 and 2 both used parabolic CSP technology, Noor 3 was ACWA Power’s first project to utilize tower technology.[39][40][41]
  • Noor PV1 IPP also located in the Ourzazate Solar complex consists of three photovoltaic plants with a capacity of 135 MW. Noor PV1 has been operational since 2019.[42]

Sheikh Mohammed bin Rashid al-Maktoum Solar Park, Dubai

edit
  • In January 2015 a consortium of ACWA Power and Spain's TSK were selected by Dubai Electricity and Water Authority (DEWA) as the preferred bidder to build the $327 million phase 2 project of the Sheikh Mohammed bin Rashid al-Maktoum Solar Park in the emirate.[43][44][45][46][47][48][49][50][51][52]
  • In March 2015, ACWA Power secured a $344 million loan to finance the project.[53][54]
  • The Dubai Electricity and Water Authority (DEWA) signed a Power Purchase Agreement and a Shareholder Agreement with ACWA Power in March 2015 for the 200MW expansion.[55][56][57][58][59][60]
  • In March 2019, ACWA Power and DEWA completed the financing for a 950 MW concentrated solar power (CSP) project at the Mohammed bin Rashid Solar Park named Noor Energy 1.[61]
  • In December 2023, the Noor Energy 1 plant was inaugurated, becoming the largest CSP project in the world.[62]

Redstone Solar Thermal Power Project, South Africa

edit
  • In January 2015 a consortium led by ACWA Power and the USA firm SolarReserve was awarded the right to develop the $1.2 billion Redstone Solar Thermal Power Project in the Northern Cape Province, South Africa.[63][64][65] It is a 100 MW concentrating solar power generation project utilizing central tower technology with 12 hours of full-load energy storage.[66]
  • In October 2015 financing was secured for the Redstone project when the Overseas Private Investment Corporation (OPIC) signed an agreement to making a US$400mn commitment of debt financing.[67][68]

The Red Sea Project, Saudi Arabia

edit
  • In 2020, ACWA Power was awarded the contract for the world’s largest renewable off-grid utilities system at Saudi Arabia’s tourism megaproject The Red Sea Project.[69]
  • The project will feature a battery energy storage system (BESS) with a capacity of more than 1GWh in order to provide a 24-hour supply of energy.[70]
  • In December 2021, the company announced that it had closed an agreement for $1.33 billion in senior debt for the project.[71]
  • A joint venture led by ACWA Power will construct, manage and operate fully-renewable power, desalination, waste-water treatment, solid waste processing, district cooling plants and communication infrastructure for the project that is a flagship of Saudi Arabia’s Vision 2030 tourism goals.[71][72]
  • Financial close for the project was achieved in early 2022.[73]
  • The company has developed more than 20 acres of constructed wetland sustained by municipal wastewater treated by a natural reed bed system.[74]

Taweelah IWP, UAE

edit
  • ACWA Power signed a water purchase agreement in 2019 with the Emirates Water and Electricity Company (EWEC) for the world’s largest reverse osmosis plant, to be located in Abu Dhabi with a capacity of 909,000 cubic meters per day.[75][76]
  • Operations at phase 1 of the plant, with a capacity of 454,600 cubic metres of desalinated water a day, began in June 2022.[77][78]
  • The company announced in May 2023 that Taweelah IWP had reached 90% of capacity, producing 831,935 cubic meters per day of desalinated water and thus becoming the world’s largest reverse osmosis desalination plant by capacity.[79][80]

Hassyan IWP, UAE

edit
  • ACWA Power was selected in August 2023 to build and operate the first phase of the Hassyan IWP in Dubai, breaking the world record for the lowest levelized water tariff at $0.365 per cubic meter.[81][82]
  • The 818,280 cubic-meter-per-day reverse osmosis plant will be partially powered by solar energy.[81][83]
  • The water purchase agreement worth $914 million was signed in October 2023.[84]

Neom Green Hydrogen Project

edit
  • The NEOM Green Hydrogen Project, based in NEOM, Saudi Arabia, is the world’s largest utility scale, commercially-based hydrogen facility powered entirely by renewable energy.[85]
  • The project has a total investment value of USD 8.4 billion.[86][87][88]
  • An equal joint venture between NEOM, Air Products and ACWA Power, the project is based on proven technologies that will include the integration of a combined capacity of 3.9 GW of renewable power from onshore solar, wind and storage.[89]
  • When operational in 2026, it will produce 600 tonnes per day of clean hydrogen by electrolysis; production of nitrogen by air separation; and production of up to 1.2 million tonnes per year of green ammonia.[90]

Uzbekistan Green Hydrogen

edit
  • Construction began on ACWA Power’s first green hydrogen project outside of Saudi Arabia in November 2023.[91][92]
  • The first phase includes a 52MW wind farm capable of producing 3,000 tonnes per year of green ammonia, with a potential second phase capable of producing 120,000 tonnes per year.[93][94][95]

References

edit
  1. ^ a b Benny, John (2023-11-30). "Saudi Arabia's Acwa Power seeks development partners to invest in Africa projects". The National. Retrieved 2023-12-11.
  2. ^ "Saudi ACWA Power's assets expected to reach $230bn by 2030: CEO". Arab News. November 3, 2022.
  3. ^ "Saudi Arabia's ACWA Power shifts toward renewable energy". Reuters. October 22, 2014.
  4. ^ "ACWA Power installs first wind turbine in Uzbekistan". Arab News. August 9, 2023.
  5. ^ "Saudi Arabia's Acwa Power to develop $677.3 million desalination project on Red Sea coast". The National. April 14, 2023.
  6. ^ "Saudi Arabia's Acwa Power Eyes Three More Giant Hydrogen Plants". Bloomberg. March 2, 2023.
  7. ^ "Company Overview of ACWA Power International". Bloomberg L.P. Retrieved 23 August 2023.
  8. ^ "Locations and Addresses". ar2022.acwapower.com.
  9. ^ "Financial Results Announcement and Conference Call For the six-month period ended 30 June 2023" (PDF). ACWA Power. June 2023.
  10. ^ "ACWA Power re-appoints Mohammad Abunayyan as Chairman till 2025". Arab News. January 17, 2022.
  11. ^ "Who's Who: Raad Al-Saady, vice chairman and managing director of Saudi Arabia's ACWA Power". Arab News. April 6, 2023.
  12. ^ "Saudi Arabia's Acwa Power appoints Marco Arcelli as CEO". The National. March 21, 2023.
  13. ^ "ACWA Power: Born Saudi, growing globally". The European. 8 January 2015. Retrieved 3 March 2016.
  14. ^ "A consortium of ACWA Power Projects, Gulf Investment Corporation and Mitsubishi Corporation selected preferred bidder for Shuqaiq power and water project". Al Bawaba. Al Bawaba (Middle East) Ltd. 11 November 2006. Retrieved 17 March 2016.
  15. ^ Haitham, Haddadin (11 November 2006). "Mitsubishi, GIC and ACWA selected for Saudi project". Reuters UK. Thomson Reuters. Archived from the original on June 29, 2016. Retrieved 17 March 2016.
  16. ^ Staff Report (1 March 2007). "Consortium signs deals for Saudi power plant". Gulf News. Al Nisr Publishing LLC 2016. Retrieved 17 March 2016.
  17. ^ "Key Shuqaiq agreements signed". MEED. EMAP Publishing Limited. 2 March 2007. Retrieved 17 March 2016.
  18. ^ Sambidge, Andy (4 June 2011). "Saudi firm buys stake in Jordan's largest power generator". Arabian Business. Arabian Business Publishing Ltd. Retrieved 17 March 2016.
  19. ^ Davids, Gavin (5 June 2011). "ACWA Power acquires $144m stake in Jordan's CEGCO". ConstructionWeekOnline.com. ITP Business Publishing Ltd. Retrieved 17 March 2016.
  20. ^ "Saudi's Acwa buys key stake in Jordan firm". Trade Arabia. 22 August 2011. Retrieved 17 March 2016.
  21. ^ Rosca, Olga. "ACWA Power's US$ 1 billion power plant in Turkey wins EBRD support". The European Bank for Reconstruction and Development (EBRD). Retrieved 17 March 2016.
  22. ^ "Saudi Arabia's ACWA Power Co". 2024-06-11. Retrieved 2024-06-13.
  23. ^ "Saudi fund raises ownership stake in ACWA Power to 50%". Arab News. 2020-11-20. Retrieved 2020-11-20.
  24. ^ a b ROSCOE, ANDREW (2018-02-07). "Acwa Power awarded Saudi Arabia's first major solar project". www.meed.com.
  25. ^ "Saudi Arabia awards ACWA Power its first 300 MW solar PV project". Al Arabiya. 2018-02-06.
  26. ^ Asaba, Baset (15 March 2016). "ACWA power inaugurates first CSP in South Africa". ArabianIndustry.com. ITP Publishing Ltd. Retrieved 9 May 2016.
  27. ^ "CSP plant illuminates Bokpoort community at official inauguration". ESI-Africa.com. ESIAfrica_CSPplantilluminatesBokpoortcommunityatofficialinauguration. 15 March 2016. Retrieved 9 May 2016.
  28. ^ "ACWA's Solar power project in South Africa inaugurated". tradearabia.com. 15 March 2016. Retrieved 9 May 2016.
  29. ^ Moyo, Admire (16 March 2016). "SA lights up R5bn solar plant". ITWeb. ITWeb Limited. Retrieved 9 May 2016.
  30. ^ "R5 Billion Solar Plant Opens in Northern Cape". allAfrica.com. SAnews. 15 March 2016. Retrieved 9 May 2016.
  31. ^ Dludla, Nqobile (14 March 2016). "South Africa turns on Saudi-built solar to cut coal reliance". Reuters. Thomson Reuters. Archived from the original on 16 March 2016. Retrieved 9 May 2016.
  32. ^ "South Africa turns on Saudi-built solar to cut coal reliance". GulfNews. Al Nisr Publishing LLC. 14 March 2016. Retrieved 9 May 2016.
  33. ^ Bernardo, Carla (14 March 2016). "SA, Saudi Arabia launch R5bn solar plant | IOL". IOL. Retrieved 9 May 2016.
  34. ^ "Saudi firm to invest R35bn in South African energy projects". Business Day Live. 15 March 2016. Retrieved 9 May 2016.
  35. ^ Nicki Shields and James Masters (6 February 2019). "Morocco in the fast lane with world's largest concentrated solar farm". CNN. Retrieved 2021-04-24.
  36. ^ Graves, LeAnne (13 January 2015). "Acwa wins €1.7bn Moroccan solar power deals". The National. Retrieved 1 May 2016.
  37. ^ Roca, Marc (12 January 2015). "Morocco Awards Largest Solar Thermal Power Plants to ACWA, Sener". Bloomberg.com. Bloomberg. Retrieved 1 May 2016.
  38. ^ "Saudi's ACWA Power wins $2bn Morocco solar power deal". Arabian Business. Arabian Business Publishing Ltd. 10 January 2015. Retrieved 1 May 2016.
  39. ^ El Yaakoubi, Aziz (4 February 2016). "Morocco starts production at 160 MW solar plant| Agricultural Commodities". Reuters. Thomson Reuters. Archived from the original on 29 June 2016. Retrieved 8 May 2016.
  40. ^ "Morocco launches first solar power plant". Al Arabiya. Al Arabiya. 5 February 2016. Retrieved 1 May 2016.
  41. ^ "Ceremony in Morocco marks progress on 500MW solar park". The National. The National. 4 February 2016. Retrieved 1 May 2016.
  42. ^ Louis Boisgibault, Fahad Al Kabbani (2020): Energy Transition in Metropolises, Rural Areas and Deserts. Wiley - ISTE. (Energy series) ISBN 9781786304995.
  43. ^ Graves, LeAnne (3 December 2014). "Saudi firm outbids rivals for second phase of Mohammed bin Rashid Al Maktoum solar park". The National. Abu Dhabi Media. Retrieved 8 May 2016.
  44. ^ Narayanan, Archana; French, David (15 January 2015). "Dubai utility DEWA names preferred bidder for upsized solar plant". Reuters. Thomson Reuters. Archived from the original on 29 June 2016. Retrieved 2 May 2016.
  45. ^ Narayanan, Archana (15 January 2015). "Saudi's ACWA Power, Spain's TSK to build $327 mln Dubai solar plant". Reuters. Thomson Reuters. Archived from the original on 10 July 2015. Retrieved 8 May 2016.
  46. ^ Graves, LeAnne (15 January 2015). "Tender for second phase of Mohammed bin Rashid Solar Park in Dubai won by Saudi consortium". The National. Abu Dhabi Media. Retrieved 8 May 2016.
  47. ^ Abbas, Waheed (15 January 2015). "Dewa awards Dh1.2bn solar plant contract". Emirates 247. Dubai Media Incorporated. Retrieved 8 May 2016.
  48. ^ Graves, LeAnne (18 January 2015). "UAE beats renewables cost hurdle with world's cheapest price for solar energy | The National". The National. Abu Dhabi Media. Retrieved 8 May 2016.
  49. ^ DiPaola, Anthony (15 January 2015). "Dubai Doubling Size of Power Plant to Make Cheapest Solar Energy". Bloomberg.com. Bloomberg. Retrieved 8 May 2016.
  50. ^ "DEWA selects Saudi ACWA and Spain's TSK for the project with the world's lowest LCOE". Al Bawaba. Al Bawaba. 15 January 2015. Retrieved 8 May 2016.
  51. ^ Todorova, Vesela (15 January 2015). "Planned Dubai solar power park to double output to 200 megawatts". The National. Abu Dhabi Media. Retrieved 8 May 2016.
  52. ^ "Dubai doubles capacity of mega Solar Park". GulfNews. Al Nisr Publishing LLC. 15 January 2015. Retrieved 8 May 2016.
  53. ^ "Acwa Power gets $344 million loan for Dubai solar project". The National. Abu Dhabi Media. 1 March 2015. Retrieved 8 May 2016.
  54. ^ Carvalho, Stanley (1 March 2015). "Saudi's ACWA Power gets $344 mln loan for Dubai solar project". Reuters. Thomson Reuters. Retrieved 8 May 2016.
  55. ^ Pieri, Alexander (29 March 2015). "DEWA partners with ACWA Power for 200MW PV plant". Construction Week. ITP Digital Ltd. Retrieved 8 May 2016.
  56. ^ "DEWA signs agreements for second-phase 200MW PV plant at Mohammed bin Rashid Al Maktoum Solar Park". WAM. Emirates News Agency. 26 March 2015. Archived from the original on 7 August 2016. Retrieved 8 May 2016.
  57. ^ "UAE DEWA, ACWA Power led consortium sign PPA". AMEInfo. Mediaquest FZ LLC. 28 March 2015. Retrieved 8 May 2016.
  58. ^ "ACWA Power led consortium signs PPA with Dubai Electricity & Water Authority for the 260 MWp Solar PV IPP; Phase II of the Mohammed bin Rashid Solar Park in Dubai". Zawya. Thomson Reuters. 26 March 2015. Retrieved 8 May 2016.
  59. ^ Jenkins, Siona (31 March 2015). "Falling cost of solar offers solace after halving of oil price". Financial Times. The Financial Times Ltd. Retrieved 8 May 2016.
  60. ^ "Dewa signs agreements for second-phase 200MW PV plant at Mohammed bin Rashid Al Maktoum Solar Park". GulfNews. Al Nisr Publishing LLC. 26 March 2015. Retrieved 8 May 2016.
  61. ^ "Saudi-led consortium, DEWA complete financing for Dubai solar park". Reuters. 2019-03-24.
  62. ^ Cabral, Alvin R.; Benny, John. "Sheikh Mohammed inaugurates world's largest concentrated solar power project in Dubai". The National. Retrieved 2024-09-10.
  63. ^ "ACWA Power extends its Leadership in Solar Power with 100MW Redstone Project, a USD 1.2 Billion investment". AMEInfo. Mediaquest FZ LLC. 11 January 2015. Retrieved 9 May 2016.
  64. ^ Laganparsad, Monica (18 January 2015). "Sun plus salt to the rescue of national grid". Sunday Times. Times Media Group. Retrieved 9 May 2016.
  65. ^ "SA to get two new major solar plants". businesstech.co.za. BusinessTech. 17 January 2015. Retrieved 9 May 2016.
  66. ^ "5 Things you need to Know about South Africa's Redstone Thermal Power Project". African Business Review. 9 January 2015. Retrieved 9 May 2016.
  67. ^ Goenka, Himanshu (30 October 2015). "Financing secured for South Africa's Redstone project". African Review. Alain Charles Publishing Ltd. Retrieved 9 May 2016.
  68. ^ "South Africa: Funds Secured for Landmark SA Solar Facility". allAfrica.com. AllAfrica. 21 October 2015. Retrieved 9 May 2016.
  69. ^ AGUINALDO, JENNIFER (2020-11-16). "Acwa Power wins Red Sea utilities contract". www.meed.com.
  70. ^ "Red Sea solar and battery project to feature 1,300MWh of energy storage". 20 October 2021.
  71. ^ a b "ACWA Power-led JV secures $1.33 bln for Red Sea project utilities". Reuters. 2021-12-21.
  72. ^ "Inside Saudi Arabia's Red Sea: Everything you need to know - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More". www.arabianbusiness.com. 2022-12-07. Retrieved 2024-09-10.
  73. ^ Mansoor, Zainab (2022-02-24). "ACWA Power led consortium achieves financial close for Red Sea Project". Retrieved 2024-09-10.
  74. ^ "Red Sea Global and ACWA Power create more than 20 acres of new wetlands in line with Saudi Arabia's climate action". www.redseaglobal.com. 2023-12-04.
  75. ^ "ACWA Power wins Abu Dhabi's Al Taweelah desalination plant deal". ArgaamPlus. Retrieved 2024-09-10.
  76. ^ Saundalkar, Jason (2019-09-12). "EWEC and ACWA sign deal for $890m Taweelah desalination plant". Middle East Construction News. Retrieved 2024-09-10.
  77. ^ Cabral, Alvin R. "Ewec and Acwa Power start operations at major water desalination plant in Abu Dhabi". The National. Retrieved 2024-09-10.
  78. ^ "ACWA Power and EWEC starts operations for 1st phase of world's largest water desalination plant". 2022-06-25. Retrieved 2024-09-10.
  79. ^ "EWEC's Taweelah desalination plant sets global record - Utilities Middle East". 26 May 2023.
  80. ^ "Taweelah Reverse Osmosis facility reaches 90 per cent capacity". 25 May 2023.
  81. ^ a b "World-record tariff rate helps ACWA Power win contract for new Dubai desalination plant". Arab News. 2023-08-18. Retrieved 2024-09-10.
  82. ^ Muzoriwa, Kudakwashe (2023-08-17). "DEWA picks ACWA Power to build Hassyan water plant". Retrieved 2024-09-10.
  83. ^ "DEWA picks ACWA Power to develop Phase I of Hassyan IWP project". ArgaamPlus. Retrieved 2024-09-10.
  84. ^ "ACWA Power signs SAR 3.4 bln water purchase agreement with DEWA". ArgaamPlus. Retrieved 2024-09-10.
  85. ^ Martin, Polly (2023-05-22). "Neom formally reaches FID on giant green hydrogen complex as partners ink financing deals worth $8.4bn". hydrogeninsight.com. Retrieved 2024-09-10.
  86. ^ "Construction of Neom green hydrogen plant progresses - report". renewablesnow.com.
  87. ^ Patel, Sonal (2024-04-04). "ACWA Power: Crossroads for Exponential Growth in Power and Water". POWER Magazine. Retrieved 2024-06-13.
  88. ^ Nagraj, Aarti (2023-05-22). "Neom Green Hydrogen Energy Company closes $8.4bn in investment deals for plant". The National. Retrieved 2024-06-13.
  89. ^ "Air Products, ACWA Power & NEOM sign agreement for production facility". www.neom.com. Retrieved 2024-06-13.
  90. ^ "$name". www.airproducts.com. Retrieved 2024-06-13.
  91. ^ "Saudi developer breaks ground on first green hydrogen project in Uzbekistan". 28 November 2023.
  92. ^ uz, Daryo. "Uzbekistan implements $62mn investment project for green hydrogen production". Daryo.uz. Retrieved 2024-06-13.
  93. ^ Staff Reporter (2023-05-22). "ACWA Power inks deal for Uzbekistan wind, green hydrogen projects". Asian Power. Retrieved 2024-06-13.
  94. ^ uz, Kun. "ACWA Power to build "green" hydrogen production plant in Chirchik by December". Kun.uz. Retrieved 2024-06-13.
  95. ^ "Pilot Uzbek Green Hydrogen Project". www.ebrd.com. Retrieved 2024-06-13.