Acwa power signs $1.8b renewable energy deals

These agreements were formalised during the Future Investment Initiative conference

Dubai: Saudi Arabia’s private sector power and water entity ACWA Power secures agreements totalling $1.8 billion (Dh6.6 billion) to develop renewable energy and battery storage initiatives, as well as research and development, across the GCC, China, Central Asia, and North Africa.

These agreements were formalised during the Future Investment Initiative conference in Riyadh, as reported by London headquartered news agency Arabian Gulf Business Insight.

The first agreement, valued at $690 million (Dh2.5 billion), is with the National Bank of Kuwait and will support Acwa Power’s project pipeline in Saudi Arabia, Kuwait, and other targeted markets.

The second deal involves a $240 million (Dh881 million) shariah-compliant equity bridge loan from the International Finance Corporation, a World Bank Group entity.

This loan will finance two solar projects in Uzbekistan, Sazagan 1 and Sazagan 2, each with a capacity of 500 megawatts (MW) of solar photovoltaic and 334 MW of battery energy storage systems (BESS).

Both projects are anticipated to begin commercial operations between the third quarter of 2025 and the fourth quarter of 2026.

Acwa Power is partially owned by Saudi Arabia's Public Investment Fund and operates in 15 countries, with around $94 billion (Dh345 billion) in global investments, as reported by Acwa Power.