ACWA Power has signed a series of agreements worth $10 billion at the ninth edition of the Future Investment Initiative in Riyadh. The agreements cover financing partnerships, renewable energy, storage, and technology development across the Gulf Cooperation Council, China, Central Asia, and Africa. A total of $6 billion was secured in partnership with Water and Electricity Holding Company and Saudi Aramco under the National Renewable Energy Program, led by the Ministry of Energy. These projects will provide electricity to the Saudi Power Procurement Company under long-term power purchase agreements, with financing provided by a consortium of regional and international banks.
For Uzbekistan, ACWA Power finalised $100 million green equity bridge financing for the Kungrad 123 wind and battery energy storage system (BESS) project in Karakalpakstan, secured from Sumitomo Mitsui Banking Corporation (SMBC) on a shariah-compliant basis. The 1,500 MW wind and 300 MWh BESS project will include transmission lines and switching stations. Additionally, ACWA Power concluded $1.8 billion project financing for the Samarkand solar and BESS project with international partners and lenders including JBIC, ADB, EBRD, IsDB, and private financial institutions. The project includes two 500 MW solar plants and 1,336 MWh of storage capacity. Progress was also announced on the 300 MW Bash 2 wind project, having a 25-year PPA with the National Electricity Grid of Uzbekistan. Moreover, the 100 MW Karatau wind project in the Qorao’zak and Beruniy districts of Karakalpakstan was also commissioned. The company also signed a financing partnership with SMBC for a $100 million export bridge loan, to support the 1.5 GW Kungrad wind project.
In Africa, ACWA Power signed agreements with the International Finance Corporation (IFC) to accelerate clean energy and water infrastructure investments worth up to $1 billion. A second non-binding framework agreement was signed between ACWA Power and IFC to channel private capital into renewable and water projects. Additionally, a cooperation agreement with the OPEC Fund for International Development was also established for $450 million in financing and equity support for its ventures in Africa. Furthermore, ACWA Power entered into a MoU with Chariot Limited to develop a regional utility-scale energy platform under the Southern African Power Pool. The company also signed three framework agreements with Chinese firms Goldwind Science and Technology, Envision, and Mingyang Smart Energy to promote wind turbine innovation, local manufacturing, and technology transfer across Saudi Arabia, Uzbekistan, China, and other emerging markets.
