Saudi-based ACWA Power has obtained USD 1.78 billion in project financing agreements to support its renewable energy initiatives across key markets, including projects in Uzbekistan and Morocco. The agreements, finalized at the Future Investment Initiative (FII8) in Riyadh, cover renewable projects across the Gulf Cooperation Council (GCC) region, China, Central Asia, and North Africa.
Under a new agreement with the National Bank of Kuwait (NBK), ACWA Power secured USD 690 million to fund renewable energy developments in Saudi Arabia, Kuwait, and other key markets. The International Finance Corporation (IFC) is contributing an additional USD 240 million through a Sharia-compliant Islamic Finance Murabaha, which will help fund two 500-MW solar parks in Uzbekistan, equipped with 334-MW batteries and spanning 500 km of transmission lines.
In Uzbekistan's Samarkand region, the Sazagan 1 and 2 solar parks, scheduled for completion between Q3 2025 and Q4 2026, are expected to produce 2,400 GWh of electricity annually. The financing package from IFC includes an A-loan up to USD 227.8 million and a USD 12.3 million trust loan.
In Morocco, ACWA Power entered a joint development agreement with Gotion Power Morocco for a 500-MW wind project with a 2,000-MWh battery storage component. Valued at USD 800 million, the facility will power Gotion's battery manufacturing plant, set to commence production in the first half of 2026.
ACWA Power is also partnering with China's Lujiazui Administration Bureau to establish an R&D center in Shanghai, investing USD 54 million. The center will focus on advancing technologies in solar, wind, energy storage, green hydrogen, and desalination.
