ACWA Power drives energy expansion with financing, renewable projects, and innovation partnerships across GCC, China, Central Asia, and North Africa

Saudi-based utility leader ACWA Power signed a series of landmark agreements valued at $1.78 billion during the Future Investment Initiative in Riyadh, advancing its global expansion in renewable energy and research. The deals reflect ACWA Power’s commitment to sustainable solutions across the Gulf Cooperation Council (GCC), China, Central Asia, and North Africa.

The first agreement, a $690 million framework with the National Bank of Kuwait, will fund general corporate financing, primarily aimed at supporting ACWA’s project pipeline within Saudi Arabia, Kuwait, and other key markets. This financing is set to aid the company in meeting its ambitious regional growth targets and bolster its existing and upcoming renewable energy ventures.

In a bid to expand its solar footprint in Uzbekistan, ACWA Power also secured a $240 million Shariah-compliant equity bridge loan from the International Finance Corporation (IFC). This loan will finance the Sazagan 1 and 2 solar projects in Samarkand, which will include a combined 500 MW of solar photovoltaic capacity and a 334 MW battery energy storage system. The commercial operations for these projects are projected to begin between Q3 2025 and Q4 2026, marking Uzbekistan as a crucial hub for ACWA’s clean energy ambitions.

Marco Arcelli, CEO of ACWA Power, expressed his enthusiasm about the projects, stating, “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 innovation and research.”

Further underscoring its commitment to sustainable energy in North Africa, ACWA Power inked an $800 million joint development deal with Gotion Power Morocco. This initiative includes the development of a 500 MW wind power facility coupled with a 2,000 MWh battery energy storage system. The energy generated will support Gotion Power’s battery manufacturing plant in Morocco, which is expected to commence operations by the first half of 2026.

Complementing its project-driven partnerships, ACWA Power signed a $54 million research agreement with the Lujiazui Administration Bureau in Shanghai, China, to establish an R&D centre. This centre will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination, paving the way for future breakthroughs in sustainable energy.

These agreements reflect ACWA Power’s commitment to strengthening its role in the renewable energy sector, fostering sustainable development across multiple regions. Arcelli concluded, “Such strategic alliances reinforce ACWA Power’s dedication to its mission of delivering affordable and reliable power and water solutions on a global scale.”