Saudi-listed ACWA Power has signed four major agreements worth $1.8 billion to drive renewable energy, battery storage, and research projects across the GCC, China, Central Asia, and North Africa.
The deals were finalised during the Future Investment Initiative (FII8) conference in Riyadh, reinforcing Saudi Arabia’s push towards sustainable energy infrastructure worldwide.
The first agreement, valued at $690 million, is a financing arrangement with the National Bank of Kuwait (NBK). This partnership will support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other key markets, underscoring the company’s growing influence in the region’s renewable energy landscape.
In a separate financing deal, ACWA Power secured a $240 million Islamic equity bridge loan from the International Finance Corporation (IFC), part of the World Bank Group.
The Sharia-compliant loan is aimed at funding ACWA Power’s Sazagan 1 and Sazagan 2 projects in Uzbekistan, which will add a total of 1 gigawatt (GW) of solar capacity alongside 668 megawatts (MW) of battery energy storage systems (BESS).
The installations are expected to commence operations between late 2025 and 2026, contributing significantly to Uzbekistan’s clean energy targets.
Expanding its footprint in North Africa, ACWA Power also entered a joint development agreement with battery technology provider Gotion Power for an $800 million project in Morocco.
The project will establish a 500 MW wind power plant with an integrated 2,000 MWh battery storage solution. The energy produced will support Gotion Power’s battery manufacturing facility in Morocco, which is set to commence production by mid-2026.
Additionally, ACWA Power has partnered with China’s Lujiazui Administration Bureau to establish a $54 million research and development (R&D) center in Shanghai.
The R&D hub will focus on advancing technologies in solar, wind, battery storage, green hydrogen, and desalination, aligning with the company’s goal of pioneering sustainable energy innovations.
The agreements represent ACWA Power’s robust strategy to expand its clean energy projects internationally, while bolstering Saudi Arabia’s commitment to renewable energy.
The company, backed by Saudi Arabia’s Public Investment Fund (PIF), has grown its operations to 15 countries with an estimated $94 billion in investments globally.
