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PIF-backed Acwa Power inked four agreements worth a combined USD 1.8 bn (SAR 6.7 bn) at the Future Investment Initiative (FII) Forum in Riyadh earlier this week, according to a statement. The newly-signed partnerships include project financing, research and development, renewable energy, and storage solutions across projects in the GCC, Morocco, Uzbekistan, and China.
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#1- Corporate credit agreement with the National Bank of Kuwait (NBK): Acwa signed a USD 690 mn (SAR 2.6 bn) corporate finance agreement with NBK to back upcoming project pipelines in Saudi Arabia, Kuwait, and other markets.
#2- Renewables murabaha financing agreement with the IFC for Uzbekistan projects: Acwa also secured a USD 240 mn (SAR 901 mn) Shariah-compliant equity bridge loan from the World Bank’s International Finance Corporation (IFC) to support two major solar power and storage projects in Uzbekistan, according to an IFC statement. The four-year financing murabaha agreement will include a USD 227.8 mn A-Loan and a USD 12.3 mn trust loan under IFC’s Managed Co-Lending Portfolio Program. The funding will back Acwa’s equity investments in the projects over the coming four years.
Project details: The projects cover the construction and operation of a 1 GW solar PV plant, a 668 MW battery and energy storage system (BESS), and some 500 km of power transmission lines. The developments are expected to deliver 2.4 GW hours of electric power per annum and cut 1.3 mn tons of yearly CO2 emissions.
#3- A new wind farm to power Morocco battery plant: Acwa signed a USD 800 mn (SAR 3 bn) agreement with Gotion Power Morocco to develop a 500 MW wind farm and a 2k MWh battery energy storage system to power a Gotion battery manufacturing plant that is set to begin production in 1H 2026.
#4- Acwa also signed an R&D partnership with China’s Lujiazui Bureau to establish a USD 54 mn (SAR 202 mn) Shanghai research center focused on the development of solar, wind, energy storage, green hydrogen, and desalination technologies.
