Saudi Arabia’s ACWA Power has signed four agreements worth a total of $1.784 billion during the Future Investment Initiative conference in Riyadh. These agreements cover project financing, renewable energy and battery storage development, as well as innovation, research and development initiatives in the Gulf, China, Central Asia and North Africa.
The first agreement is to provide $690 million in financing from the National Bank of Kuwait to support the company’s future projects in Saudi Arabia, Kuwait, and other target markets, according to a statement issued by the company listed on the Saudi stock market.
The company signed the second agreement with the International Finance Corporation (IFC), under which it will obtain a Sharia-compliant loan worth $402 million. The loan will finance two solar energy projects in the Republic of Uzbekistan, which are expected to start commercial operations between the third quarter of 2025 and the fourth quarter of 2026. ACWA Power said that this agreement is its first institutional financing partnership with the IFC.
The third agreement is a joint development with battery solutions provider Goshen Power Morocco. Under the agreement, ACWA Power will develop a 500 MW wind farm, integrating 2 GWh of battery storage solutions into the plant. The project will power Goshen Power’s battery plant in Morocco, which is expected to start production in the first half of 2026. The initial investment value of this project is $800 million, according to the statement.
ACWA Power has signed a cooperation agreement with the Lujiazui District Administration Bureau in China to establish a research and development center in Shanghai. The $54 million project will focus on developing technologies related to solar energy, wind energy, energy storage, green hydrogen and water desalination. The center will also collaborate with local and international partners to develop advanced and sustainable solutions in the fields of water desalination and power.
