RIYADH: Saudi utility giant ACWA Power signed four agreements valued at SR6.69 billion ($1.78 billion) on the first day of the eighth Future Investment Initiative in Riyadh.
The deals span corporate financing, renewable energy projects, and research partnerships across the Gulf Cooperation Council, China, Central Asia, and North Africa, highlighting the company’s expanding global reach.
The first agreement is a $690 million framework deal with the National Bank of Kuwait for general corporate finance facilities, supporting ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other target markets.
Additionally, ACWA Power secured a $240 million Shariah-compliant equity bridge loan from the International Finance Corp. to fund two solar projects in Uzbekistan.
“These agreements exemplify the extensive breadth of our portfolio and the diverse initiatives we pursue. By collaborating with a variety of partners, we enhance our capabilities, particularly in the areas of innovation and research within our key sectors,” said Marco Arcelli, CEO of ACWA Power.
Uzbekistan has become a key market for ACWA Power, which has been active in the Central Asian nation’s renewable energy sector in recent years.
Located in Samarkand, the Sazagan 1 and 2 projects each include 500 megawatts of solar photovoltaic and 334 MW of battery energy storage systems. ACWA Power noted that both projects are expected to commence commercial operations between the third quarter of 2025 and the fourth quarter of 2026.
The company also signed a joint development agreement with Gotion Power Morocco, a battery solutions provider. Under this agreement, ACWA Power will develop a 500 MW wind power plant incorporating a 2,000 MWh battery energy storage system.
The project will supply energy to Gotion Power’s battery manufacturing plant in Morocco, slated to start production in the first half of 2026. The initial investment for the project is $800 million.
ACWA Power also signed a $54 million research and development agreement with China’s Lujiazui Administration Bureau to establish an R&D center in Shanghai. The center will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination.
“Such strategic alliances reinforce ACWA Power’s dedication to its mission of delivering affordable and reliable power and water solutions on a global scale, thereby strengthening our role in shaping a sustainable future,” concluded Arcelli.
