ACWA Power announced four strategic agreements totaling $1.8 billion during the inaugural day of the Future Investment Initiative (FII8) in Riyadh. These agreements focus on project financing, renewable energy, storage, and research and development across the Gulf Cooperation Council (GCC), China, Central Asia, and North Africa, reflecting the company’s expansion plans in these key markets.
The first agreement involves a $690 million framework with the National Bank of Kuwait (NBK) aimed at securing general corporate finance facilities to support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other targeted regions.
In a separate financing initiative, ACWA Power signed a $240 million Shariah-compliant equity bridge loan with the International Finance Corporation (IFC), a part of the World Bank Group, for solar projects in Uzbekistan. This funding will support two solar initiatives in Samarkand—Sazagan 1 and 2—each with a capacity of 500 MW for solar photovoltaic (PV) systems and 334 MW for battery energy storage systems (BESS). These projects are expected to commence operations between Q3 2025 and Q4 2026, marking ACWA Power’s first corporate financing collaboration with the IFC and paving the way for future projects.
Additionally, ACWA Power has entered into a joint development agreement with Gotion Power Morocco to establish a 500 MW wind power plant integrated with a 2,000 MWh battery energy storage system. This project, initially valued at $800 million, will support Gotion Power’s upcoming battery manufacturing facility in Morocco, with production expected to start in the first half of 2026.
Moreover, ACWA Power has signed a Research and Development Cooperation Agreement with China’s Lujiazui Administration Bureau to create a $54 million R&D center in Shanghai. This center will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination. Through collaborations with local and international partners, the center aims to foster innovation in sustainable water and energy solutions for ACWA Power’s global projects.
Marco Arcelli, CEO of ACWA Power, commented, “These agreements exemplify the extensive breadth of our portfolio and the diverse initiatives we pursue. Collaborating with various partners enhances our capabilities, particularly in innovation and research within our key sectors. This approach underscores our commitment to fostering strategic alliances that drive growth and advancement in the industry, reinforcing our dedication to delivering affordable and reliable power and water solutions globally and shaping a sustainable future.”
He added, “At ACWA Power, we believe that through innovation and collaboration, we can create a sustainable future for generations to come.”
