Saudi Arabia’s renewable energy giant, ACWA Power, has announced agreements totalling $1.8 billion to accelerate the development of renewable energy and battery storage projects across the GCC, China, Central Asia, and North Africa. The deals, inked during the Future Investment Initiative conference in Riyadh, highlight ACWA Power’s expansive ambitions in clean energy.

The first significant agreement, valued at $690 million, was signed with the National Bank of Kuwait. This funding will support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other strategic markets, bolstering the company’s ongoing efforts to diversify the region’s energy mix and strengthen its renewable infrastructure.

In another strategic move, the company secured a $240 million sharia-compliant equity bridge loan from the International Finance Corporation (IFC), a member of the World Bank Group. The funds will be used for two key solar projects in Uzbekistan, named Sazagan 1 and 2. Each project will feature a 500-megawatt (MW) solar photovoltaic system and a 334MW battery energy storage system (BESS). The solar facilities are expected to be operational between the third quarter of 2025 and the fourth quarter of 2026, marking a significant advancement in Uzbekistan’s renewable energy landscape.

ACWA Power also entered into a joint development agreement worth $800 million with Gotion Power Morocco, a battery solutions provider, to build a 500MW wind power plant in Morocco. The project will incorporate a 2,000 MWh BESS solution to support Gotion Power’s upcoming battery manufacturing facility, slated to commence production in early 2026. This partnership is set to enhance energy security and advance Morocco’s renewable energy targets.

Further extending its global footprint, ACWA Power signed an agreement with China’s Lujiazui Administration Bureau to establish a $54 million research and development centre in Shanghai. The facility will focus on cutting-edge technologies in solar, wind, energy storage, green hydrogen, and desalination, reflecting ACWA Power’s commitment to technological innovation and sustainability.

ACWA Power, partially owned by Saudi Arabia’s Public Investment Fund (PIF), continues to strengthen its influence in the global renewable energy sector. With operations in 15 countries and investments amounting to $94 billion, the company is playing a pivotal role in the kingdom’s Vision 2030 strategy to diversify its economy and embrace sustainable energy solutions.

The company’s strong financial performance has underpinned its expansion efforts. In August, ACWA Power reported a net profit attributable to equity holders of SAR927 million ($247 million) for the first half of 2024, a 36 percent increase year-on-year. Its stock price has surged 77 percent this year, trading at SAR453.80, reflecting growing investor confidence in its strategic initiatives and robust project portfolio.

As Saudi Arabia invests $41 billion in Africa over the next decade and continues to support renewable energy projects globally, ACWA Power remains at the forefront, driving sustainable energy transitions and forging impactful international partnerships.