It is reported that ACWA Power Co (TADAWUL:2082), a renewable energy developer from Saudi Arabia, has secured four project financing and investment agreements worth $1.78 billion (€1.65 billion) involving its global renewable energy portfolio, including gigawatt-scale projects in Uzbekistan and Morocco.
ACWA Power stated on Tuesday that these agreements were signed during the Future Investment Initiative (FII8) held in Riyadh, Saudi Arabia, covering projects in the Gulf Cooperation Council, China, Central Asia, and North Africa.
ACWA Power, successfully listed on the Saudi Tadawul exchange, is the world's largest private seawater desalination company and a pioneer in the field of renewable energy, including green hydrogen.
ACWA Power's business footprint spans 13 countries, managing approximately 90 projects with a total asset value of $94.3 billion. The company supplies 65.6 gigawatts of electricity daily and provides 8 million cubic meters of desalinated water, occupying a significant position in the global energy and water resource supply chains.
This article is the 11th in the series "Business in Central Asia" focusing on industrial research in Central Asia. It provides an in-depth introduction to the industrial policies, laws and regulations, industry trends, market demands, competitive landscape, and potential business opportunities in the investment, trade, and engineering construction sectors of the five Central Asian countries (Uzbekistan, Kazakhstan, Kyrgyzstan, Turkmenistan, Tajikistan) and their neighboring countries (Afghanistan, Azerbaijan, Georgia, Armenia, Mongolia).
Multilateral Financing Drives Business Expansion
To drive business expansion, at the 8th Future Investment Initiative conference, ACWA Power secured a $690 million financing agreement with the National Bank of Kuwait (NBK) to support projects in Saudi Arabia, Kuwait, and other markets.
This financing not only provides ample financial support for the company's expansion in the Middle East and global markets but also demonstrates the trust of financial institutions in ACWA Power's innovative capabilities in the fields of renewable energy and water resources.
The International Finance Corporation (IFC) announced a 240millionfinancingpackageforACWAPower,
comprisinga227.8 million A-loan and a $12.25 million trust loan. The debt is structured as an Islamic finance Murabaha, which is a form of Islamic equity bridge loan. This will assist ACWA Power in its clean energy projects in Uzbekistan, providing crucial support towards the country's goal of sourcing 40% of its electricity from renewable energy by 2030.
These funds will be utilized to construct a 1-gigawatt solar park, a 668-megawatt battery energy storage system (BESS), and approximately 500 kilometers of high-voltage transmission lines. It is anticipated that this will result in an annual reduction of 1.3 million tons of CO2 emissions and the provision of roughly 2,400 gigawatt-hours of clean power, significantly increasing the proportion and stability of clean energy in Uzbekistan's power grid.
Energy, Storage, and Innovation Advancing Hand in Hand
Key projects for ACWA Power in Uzbekistan include two core solar parks—Sazagan 1 and Sazagan 2—with each having an installed capacity of 500 megawatts, both situated in the Samarkand region. These facilities are planned to come online progressively from the third quarter of 2025 to the fourth quarter of 2026, serving as a critical component of the country's clean energy infrastructure and further promoting Uzbekistan's transition away from fossil fuel dependency.
In North Africa, ACWA Power is collaborating with Gotion Power Morocco to develop a 500-megawatt wind power project, complemented by a 2,000-megawatt-hour battery energy storage system. This setup is expected to secure the energy supply for Gotion's battery manufacturing plant in Morocco. The project, with an initial investment of $800 million, is scheduled to begin production in the first half of 2026. The rich wind energy resources in Morocco offer significant economic and environmental benefits to this project, further cementing ACWA Power's position in the global battery supply chain.
To enhance its technological innovation capabilities, ACWA Power has also partnered with the Lujiazui Administration in Shanghai, China, to establish a $54 million R&D center in Shanghai. This center focuses on solar energy, wind energy, energy storage, green hydrogen, and seawater desalination technologies.
For more detailed information or specific data related to ACWA Power's R&D initiatives, partnerships, or project developments, you may need to refer to official announcements, press releases, or reports from ACWA Power or relevant industry publications. If you have any specific questions or areas of interest, feel free to let me know, and I can provide more targeted assistance.
ACWA Power is gradually constructing a cross-regional clean energy network through its strategic presence in the Middle East, Central Asia, North Africa, and Asia. Its projects in the domains of solar energy, wind energy, battery storage, and seawater desalination technology not only fulfill local energy demands but also actively contribute to the global energy transition. By partnering with multilateral financial institutions and technology partners, ACWA Power is continually strengthening its position in the global clean energy market and injecting new vitality into its future sustainable development.度搜索
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