ACWA Power signs US$1.78bn worth of agreements in Riyadh

ACWA Power announced four strategic agreements totaling US$1.8bn during the opening day of the Future Investment Initiative (FII8) in Riyadh.

The agreements span project financing, renewable energy, storage, and R&D across the GCC, China, Central Asia, and North Africa, aligning with the company’s ongoing growth in these key regions.

The first agreement is a US$690mn framework with the National Bank of Kuwait (NBK) to secure general corporate finance facilities, supporting ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other target regions.

In a separate financing move, ACWA Power signed a US$240mn shariah-compliant equity bridge loan with the International Finance Corporation (IFC), part of the World Bank Group, for solar projects in Uzbekistan. This loan will fund two solar power initiatives, Sazagan 1 and 2, in Samarkand, each with 500 MW solar photovoltaic (PV) and 334 MW battery energy storage systems (BESS) capacities. Expected to become operational between Q3 2025 and Q4 2026, this agreement marks ACWA Power’s first corporate financing collaboration with the IFC, creating new opportunities for future projects.

Other projects

ACWA Power has entered into a joint development agreement with battery solutions provider Gotion Power Morocco to establish a 500 MW wind power plant paired with a 2,000 MWh battery energy storage system (BESS). This project, set to support Gotion Power’s upcoming battery manufacturing facility in Morocco, is expected to commence production in the first half of 2026. The initial investment for this venture is valued at US$800mn.

Additionally, ACWA Power has signed a Research and Development Cooperation Agreement with China’s Lujiazui Administration Bureau to create an R&D centre in Shanghai. This US$54mn centre will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination. In collaboration with local and international partners, the centre aims to drive innovation in sustainable water and energy solutions for use across ACWA Power’s projects worldwide.

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.”

He added, “At ACWA Power, we believe that through innovation and collaboration, we can create a sustainable future for generations to come.”