ACWA Power has announced four new agreements worth $1.8 billion (6.7 billion Saudi riyals) aimed at expanding its project footprint in the Gulf Cooperation Council (GCC) countries, China, Central Asia, and North Africa. The agreements were unveiled at the Future Investment Initiative (FII8) in Riyadh, highlighting the company's continued push into renewable energy and storage, financing, and research.

The largest of the agreements is a $690 million framework deal with the National Bank of Kuwait (NBK), providing general corporate finance facilities to support ACWA Power's future projects in Saudi Arabia, Kuwait, and other regions.

A separate $240 million Shariah-compliant equity bridge loan from the International Finance Corporation (IFC), a member of the World Bank Group, will fund the Sazagan 1 and 2 projects in Uzbekistan, advancing ACWA Power's renewable ambitions in Central Asia.

Additionally, ACWA Power partnered with Gotion Power Morocco on an $800 million joint development to establish a 500-megawatt (MW) wind power plant featuring a 2,000 MWh battery energy storage system (BESS). This project will deliver power to Gotion Power's battery manufacturing plant in Morocco, slated for production in early 2026.

In a final agreement, ACWA Power signed a $54 million research and development (R&D) cooperation with China's Lujiazui Administration Bureau to set up an R&D center in Shanghai, focusing on solar, wind, energy storage, green hydrogen, and desalination technologies.

Source: zawya.com