The Saudi company ACWA Power concluded 4 agreements with a total investment amounting to $1.784 billion during the Future Investment Initiative conference held in Riyadh, according to Al-Sharq Economy.
These agreements include project financing, development of renewable energy projects and battery energy storage, in addition to innovation, research and development initiatives in the Gulf countries, China, Central Asia, and North Africa.
The first agreement is to provide financing worth $690 million from the National Bank of Kuwait to support the company’s future projects in Saudi Arabia, Kuwait, and other target markets, according to a statement issued by the company listed on the Saudi stock market.
The company signed a second agreement with the International Finance Corporation, under which it will obtain an Islamic Sharia-compliant loan worth $402 million.
The loan will finance two solar energy projects in the Republic of Uzbekistan, which are expected to begin commercial operation between the third quarter of 2025 and the fourth quarter of 2026. ACWA Power said that this agreement is the first institutional financing partnership it has concluded with the International Finance Corporation.
The third agreement is a joint development with battery solutions provider Goshen Power Morocco. Under the agreement, ACWA Power will develop a wind power plant with a production capacity of 500 MW, while integrating battery energy storage systems solutions into the plant with a capacity of 2 GWh.
The project will feed Goshen Power's battery factory in Morocco, which is expected to begin production operations in the first half of 2026. The initial investment value of this project is $800 million, according to the statement.
ACWA Power has signed a cooperation agreement with the Lujiazui District Administration Office in China to establish a research and development center in Shanghai Province.
The $54 million project will focus on developing technologies related to solar energy, wind energy, energy storage, green hydrogen, and water desalination. The center will also cooperate with local and international partners to develop advanced and sustainable solutions in the fields of water desalination and energy.
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