ACWA Power signed a series of agreements totalling $10bn (AED37.5bn) during the ninth edition of the Future Investment Initiative (FII9) in Riyadh. These agreements cover renewable power generation, storage projects, and financing partnerships across the Gulf Cooperation Council (GCC), China, Central Asia and Africa. Signings took place in the presence of government officials and industry partners.
$6bn project portfolio financed in Saudi Arabia
ACWA Power, in collaboration with Water and Electricity Holding Company (Badeel) and Saudi Aramco, signed financing deals worth $6bn under the National Renewable Energy Program (NREP) led by the Ministry of Energy. The projects will supply electricity to the Saudi Power Procurement Company (SPPC) through long-term Power Purchase Agreements (PPAs). Banks involved include HSBC, Standard Chartered, Mizuho Financial Group and First Abu Dhabi Bank.
Major developments in Uzbekistan with $2.26bn committed
In Uzbekistan, ACWA Power secured a $100mn Sharia-compliant green equity bridge loan with Sumitomo Mitsui Banking Corporation (SMBC) for the Kungrad 123 wind project. The development includes 1,500 MW of wind power and more than 300 MWh of storage capacity across three co-located sites. The project also includes 1,444 km of transmission infrastructure.
Additionally, the Samarkand solar project, valued at $1.8bn, is being developed with Sumitomo Corporation, Chubu Electric Power and Shikoku Electric Power. It is financed by institutions including the Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD) and Islamic Development Bank (IsDB), and includes two 500 MW photovoltaic plants and battery storage of 1,336 MWh.
Wind project milestones in Bukhara region
Larsen & Toubro was named the preferred EPC contractor for the 300 MW Bash 2 project in Uzbekistan’s Bukhara region. The $360mn project will deploy 39 wind turbines, related infrastructure and a 500 kV transmission line, delivering power to around 438,000 households.
ACWA Power also announced commercial commissioning of the 100 MW Karatau Wind Project, which includes 16 Envision Energy turbines and a 15.4 km overhead transmission line. Electricity is being delivered under a 25-year Power Purchase Agreement with Uzbekistan’s National Electric Grid (NEGU).
Africa-focused initiatives with IFC and OPEC Fund
ACWA Power expanded its collaboration with the International Finance Corporation (IFC) through two framework agreements. The first, valued at up to $1bn, supports energy and water infrastructure development across Africa. The second, a non-binding agreement, aims to establish an equity investment platform focused on small-scale renewable and desalination projects.
In parallel, ACWA Power signed a cooperation agreement with the OPEC Fund for International Development targeting $450mn in financial support for utility-scale energy and desalination projects in Africa and other priority markets.
Industrial and technology partnerships with Chinese firms
ACWA Power concluded three framework agreements with Chinese wind technology companies Goldwind Science & Technology, Envision Energy and Mingyang Smart Energy. The deals aim to advance wind turbine innovation, local manufacturing and technology transfer in Saudi Arabia, Uzbekistan, China and other key markets, in alignment with Vision 2030.
