ACWA unveils USD 1.78bn of deals for more renewables globally

Saudi renewables developer ACWA Power Co (TADAWUL:2082) has clinched four project financing and investment deals worth USD 1.78 billion (EUR 1.65bn) related to its global renewable energy portfolio, including GW-scale projects in Uzbekistan and Morocco.

The deals were signed during the Future Investment Initiative (FII8) in Riyadh, Saudi Arabia, and concern projects in the Gulf Cooperation Council, China, Central Asia and North Africa, ACWA Power said on Tuesday.

Under a framework agreement with the National Bank of Kuwait (NBK), ACWA Power has secured USD 690 million to finance its future project pipeline in Saudi Arabia, Kuwait and other target markets. An additional USD 240 million of debt structured as an Islamic Finance Murabaha, an Islamic equity bridge loan, will be provided to the Saudi developer by the International Finance Corporation (IFC). The proceeds will be allocated for the construction of two solar parks with a combined capacity of 1 GW, two batteries of 334 MW each and 500 km of high-voltage transmission lines in Uzbekistan.

The Sazagan 1 and 2 solar parks, of 500 MW each, will be located in the Samarkand region of southeastern Uzbekistan, and are expected to be commissioned between the third quarter of 2025 and the fourth quarter of 2026. Their combined electricity output is seen to be around 2,400 GWh annually.

The lender said separately that the funding will consist of an A-loan of up to USD 227.8 million and a trust loan of USD 12.3 million in size.

Meanwhile, ACWA Power has also signed a joint development agreement with battery solutions provider Gotion Power Morocco to work on a 500-MW wind project with an integrated 2,000-MWh battery storage component. The plant will be installed to supply Gotion’s battery manufacturing plant in Morocco, which is expected to begin production in the first half of 2026. The initial investment in the project is worth USD 800 million.

Last but not least, ACWA Power has joined forces with China’s Lujiazui Administration Bureau to set up a research and development (R&D) centre in Shanghai, investing some USD 54 million. The facility will conduct research related to solar, wind, energy storage, green hydrogen, and desalination technologies.

(USD 1.0 = EUR 0.925)

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