ACWA Power announced four new agreements totaling USD 1.78 billion (SAR 6.69 billion) on the first day of the Future Investment Initiative (FII8) in Riyadh. The agreements cover multiple regions and project types, including financing, renewable energy, energy storage, and research and development. The deals span areas such as the Gulf Cooperation Council (GCC), China, Central Asia, and North Africa.
The first agreement is a USD 690 million (SAR 2.588 billion) framework with the National Bank of Kuwait (NBK) to secure general corporate financing. This funding will support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other planned markets.
A second agreement is a USD 240 million (SAR 900 million) shariah-compliant equity bridge loan (EBL) from the International Finance Corporation (IFC), a branch of the World Bank Group. This financing will fund two solar power projects in Samarkand, Uzbekistan. These projects, named Sazagan 1 and 2, each include 500 megawatts (MW) of solar photovoltaic (PV) power and a 334 MW Battery Energy Storage System (BESS). Both projects are expected to begin commercial operations between the third quarter of 2025 and the fourth quarter of 2026. This marks IFC’s first corporate financing partnership with ACWA Power.
ACWA Power also signed a joint development agreement with Gotion Power Morocco to build a 500 MW wind power plant and a 2,000 megawatt-hour (MWh) BESS solution. The project will provide energy to Gotion Power’s upcoming battery manufacturing facility in Morocco, expected to start operations in early 2026. The estimated initial investment for this project is USD 800 million (SAR 3 billion).
Additionally, ACWA Power signed a Research and Development (R&D) Cooperation Agreement with the Lujiazui Administration Bureau in China. Through this agreement, ACWA Power will establish a USD 54 million (SAR 202 million) R&D center in Shanghai. The center will focus on developing technologies for solar and wind energy, energy storage, green hydrogen, and desalination, collaborating with local and global partners to create new solutions for sustainable water and energy.
