ACWA Power has inked four deals totaling $1.8 billion, marking a significant leap in green energy initiatives across the GCC, China, Central Asia, and North Africa during the Future Investment Initiative in Riyadh.
First up, there’s a hefty $690 million framework agreement with the National Bank of Kuwait (NBK). This isn’t just a number—it’s the fuel for ACWA’s upcoming projects in Saudi Arabia, Kuwait, and beyond. Basically, it sets the stage for what’s next on their agenda.
The deal covers general corporate finance facilities. What does that mean? It means ACWA has the financial backing to explore new ventures without hiccups. It’s a solid move to ensure they stay ahead in the competitive energy sector.
- Supports expansion in key markets
- Provides financial stability for new projects
ACWA Power Secures Shariah-Compliant Loan for Uzbekistan Ventures
In another move, ACWA has grabbed a $240 million Shariah-compliant equity bridge loan from the International Finance Corporation (IFC), part of the World Bank Group. This isn’t just any loan—it’s tailored to fit Islamic financial principles, which is crucial for operations in certain regions.
This loan is earmarked for the Sazagan 1 and 2 projects in Uzbekistan. These projects are pivotal for expanding ACWA’s footprint in Central Asia. It’s exciting to see such robust support for sustainable energy initiatives in the region.
Moreover, this financing ensures that ACWA can push forward without financial constraints. It’s a win-win for both the company and the communities they serve.
Partnership with Gotion Power Morocco Powers Wind Energy Expansion
The biggest splash? An $800 million joint development agreement with Gotion Power Morocco. They’re teaming up to build a 500-megawatt wind power plant. But wait, there’s more—a 2,000 MWh Battery Energy Storage System (BESS) is also part of the package.
Here’s the kicker: the energy generated will power Gotion Power’s battery manufacturing plant in Morocco. Production is set to kick off in the first half of 2026. It’s a forward-thinking project that blends renewable energy with cutting-edge storage solutions.
| Project Details | Information |
|---|---|
| Investment Amount | $800 million |
| Location | Morocco |
| Capacity | 500 MW Wind Power Plant |
| Storage Solution | 2,000 MWh Battery Energy Storage System |
| Start of Production | H1 2026 |
This partnership is a testament to ACWA’s commitment to sustainable growth and innovation in the energy sector.
New R&D Center in Shanghai to Drive Renewable Innovations
Last but not least, ACWA Power has signed a $54 million R&D cooperation agreement with China’s Lujiazui Administration Bureau. They’re setting up an R&D center in Shanghai focused on solar, wind, energy storage, green hydrogen, and desalination technologies.
This center isn’t just a fancy office—it’s a hub for innovation. By investing in research and development, ACWA aims to stay at the forefront of renewable energy technologies. It’s all about pushing boundaries and finding new ways to harness clean energy.
Plus, this move strengthens ties with China, a key player in the global energy market. It’s strategic and smart, ensuring ACWA remains a leader in the industry.
