ACWA Power signs $1.78B in global energy deals

ACWA Power has secured $1.78 billion in agreements spanning renewable energy, storage, and research initiatives across multiple regions, announced at the Future Investment Initiative in Riyadh, Saudi Arabia.

The Saudi-listed firm, via reporting from Saudi state news agency SPA, announced four agreements that make up the headline $1.78 billion figure, starting with a $690 million framework agreement with National Bank of Kuwait for corporate finance facilities to support renewable projects in Saudi Arabia, Kuwait, and neighboring markets.

The World Bank Group’s International Finance Corporation will provide a $240 million Shariah-compliant equity bridge loan for the Sazagan 1 and 2 projects in Uzbekistan, which are mixed solar and storage projects.

The IFC financing for the ACWA Projects covers the construction of a 1 GW solar plant, 668 MW battery system, and 500 km of transmission lines in Uzbekistan. The project targets 2,400 GWh of annual generation and will reduce the country’s carbon emissions by 1.3 million tons annually.

In Morocco, ACWA Power partnered with Gotion Power Morocco in an $800 million venture to construct a 500 MW wind facility with 2,000 MWh battery storage. The project will supply energy to Gotion Power’s battery manufacturing plant, scheduled to start production in H1 2026.

A new $54 million research center in Shanghai’s Lujiazui district will focus on solar, wind, energy storage, green hydrogen, and desalination technologies through a cooperation agreement with the Lujiazui Administration Bureau.