Saudi’s ACWA Power signs 4 pacts worth $1.8bln for green energy projects
ACWA Power signed agreements totaling $1.8 billion for various projects at the Future Investment Initiative (FII8) in Riyadh. These include a $690 million framework with the National Bank of Kuwait for corporate financing, a $240 million Shariah-compliant loan from IFC for Uzbekistan’s Sazagan projects, and an $800 million joint wind and battery project with Gotion Power Morocco. Additionally, ACWA plans to invest $54 million to establish an R&D center in Shanghai with China’s Lujiazui Administration Bureau, focusing on renewables and desalination technologies.
Saudi-listed ACWA Power has signed four agreements worth $1.8 billion (6.7 billion Saudi riyals) for projects across the GCC, China, Central Asia and North Africa during the Future Investment Initiative (FII8) in Riyadh.
The pacts include financing, renewable energy and storage projects, as well as research and development.
The first agreement involves a $690 million framework agreement with the National Bank of Kuwait (NBK) for general corporate finance facilities. This will support the company’s future project pipeline in Saudi Arabia, Kuwait and other target markets.
A separate financing agreement includes a $240 million Shariah-compliant equity bridge loan from the International Finance Corporation (IFC), part of the World Bank Group. The loan will finance the Sazagan 1 and 2 projects in Uzbekistan.
In addition, ACWA Power announced a joint development agreement with battery solutions provider Gotion Power Morocco at the cost of $800 million. It will develop a 500-megawatt (MW) wind power plant, incorporating a 2,000 MWh BESS solution.
The project will supply energy to Gotion Power’s battery manufacturing plant in Morocco, which is expected to begin production in the first half of 2026.
Finally, the Saudi-listed company signed a research and development (R&D) cooperation agreement with China’s Lujiazui Administration Bureau to establish an R&D centre in Shanghai. The $54 million project will focus on advancing solar, wind, energy storage, green hydrogen, and desalination technologies.
Source Link : https://www.zawya.com/en/projects/utilities/saudis-acwa-power-signs-4-pacts-worth-18bln-for-green-energy-projects-dgag0e0s
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