ACWA Power Secures $1.78 Billion in Renewable Energy Financing Deals

ACWA Power Co, a leading Saudi renewables developer, has successfully finalized four project financing and investment agreements totaling USD 1.78 billion (EUR 1.65 billion) to support its global renewable energy initiatives, which include large-scale projects in Uzbekistan and Morocco.

The agreements were announced on Tuesday, following their signing at the Future Investment Initiative (FII8) in Riyadh. These projects span multiple regions, including the Gulf Cooperation Council, China, Central Asia, and North Africa.

Under a framework agreement with the National Bank of Kuwait (NBK), ACWA Power has secured USD 690 million to finance its future project pipeline across Saudi Arabia, Kuwait, and other targeted markets. Additionally, the International Finance Corporation (IFC) will provide USD 240 million in debt structured as an Islamic Finance Murabaha and an Islamic equity bridge loan. These funds are designated for the construction of two solar parks in Uzbekistan, each with a capacity of 500 MW, as well as two 334 MW batteries and 500 km of high-voltage transmission lines.

The Sazagan 1 and 2 solar parks will be situated in the Samarkand region of southeastern Uzbekistan and are expected to be operational between the third quarter of 2025 and the fourth quarter of 2026. Together, they are projected to generate approximately 2,400 GWh of electricity annually.

Furthermore, ACWA Power has entered into a joint development agreement with battery solutions provider Gotion Power Morocco to collaborate on a 500-MW wind project, which will include a 2,000-MWh battery storage component. This plant is intended to supply Gotion’s battery manufacturing facility in Morocco, anticipated to commence production in the first half of 2026. The initial investment for this project is estimated at USD 800 million.

In a separate initiative, ACWA Power has partnered with China’s Lujiazui Administration Bureau to establish a research and development (R&D) center in Shanghai, investing approximately USD 54 million. This facility will focus on advancements in solar, wind, energy storage, green hydrogen, and desalination technologies.