Riyadh – Sharikat Mubasher: ACWA Power, the leading Saudi Arabian energy company, inked four agreements worth $1.8 billion (SAR 6.7 billion) for projects across the GCC, China, Central Asia, and North Africa as part of its participation in the Future Investment Initiative (FII8) in Riyadh.
The 4 agreements vary between financing, renewable energy and storage projects, as well as research and development, according to the company's press release.
The first deal involves a $690 million framework agreement with the National Bank of Kuwait (NBK) for general corporate finance facilities. This will support the company’s future project pipeline in Saudi Arabia, Kuwait, and other target markets.
A separate financing agreement includes a $240 million Shariah-compliant equity bridge loan from the International Finance Corporation (IFC), part of the World Bank Group. The loan will finance the Sazagan 1 and 2 projects in Uzbekistan.
Moreover, ACWA Power announced a joint development agreement with battery solutions provider Gotion Power Morocco for $800 million upon which It will develop a 500-megawatt (MW) wind power plant, incorporating a 2,000 MWh BESS solution.
The project will supply energy to Gotion Power’s battery manufacturing plant in Morocco, which is expected to begin production in the first half of 2026.
Finally, the Saudi-listed company signed a research and development (R&D) cooperation agreement with China’s Lujiazui Administration Bureau to establish an R&D center in Shanghai. The $54 million project will focus on advancing solar, wind, energy storage, green hydrogen, and desalination technologies.
Reflecting on the agreements, Marco Arcelli, CEO of ACWA Power, stated, “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. This approach underscores our commitment to fostering strategic alliances that drive growth and advancement in the industry. 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.”