Saudi Arabia’s ACWA Power signed four agreements worth $1.8 billion for green energy projects across the GCC, China, Central Asia, and North Africa. The deals were announced at the Future Investment Initiative (FII8) in Riyadh.
Financing Agreements for Expanding Project Pipeline
The first deal is a $690 million framework agreement with the National Bank of Kuwait (NBK). This financing supports ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other target markets. Another financing deal includes a $240 million Shariah-compliant loan from the International Finance Corporation (IFC), a World Bank Group member, to fund projects in Uzbekistan.
Major Projects in Morocco and China
ACWA Power also unveiled a joint development agreement with Gotion Power Morocco for an $800 million project. This deal will develop a 500 MW wind power plant with a 2,000 MWh battery energy storage solution. The project will power Gotion Power’s battery manufacturing plant in Morocco, set to start production in early 2026.
Lastly, ACWA Power signed a $54 million research and development agreement with China’s Lujiazui Administration Bureau. This R&D center, based in Shanghai, will advance solar, wind, energy storage, green hydrogen, and desalination technologies.
