ACWA Power is a leading private-sector power and water company in Saudi Arabia. It has recently announced the signing of $1.8 billion (Dh6.6 billion) in renewable energy agreements. These agreements are designed to promote sustainable energy and battery storage projects across the GCC, China, Central Asia, and North Africa.
The deals were formalized during the prominent Future Investment Initiative conference in Riyadh. The conference highlights ACWA Power’s commitment to advancing green energy solutions in various regions.
Among the agreements is a significant financing deal with the National Bank of Kuwait, worth $690 million (Dh2.5 billion). This deal will support ACWA Power’s growing project pipeline in Saudi Arabia, Kuwait, and other targeted markets.
Furthermore, ACWA Power has obtained $240 million (Dh881 million) from the International Finance Corporation (IFC), part of the World Bank Group. It will help to develop two major solar projects in Uzbekistan, known as Sazagan 1 and Sazagan 2.
These projects in Uzbekistan, feature a total capacity of 1,000 MW in solar photovoltaic (PV) and 668 MW in battery energy storage systems (BESS). They represent some of the most ambitious renewable energy initiatives in the region.
Construction is already in progress. The commercial operations are expected to commence between the third quarter of 2025 and the fourth quarter of 2026. ACWA Power has established itself as a leader in renewable energy. It manages the global projects across 15 countries.
These projects are valued at approximately $94 billion (Dh345 billion). The company’s expanding presence aligns with Saudi Arabia’s Vision 2030. The vision aims to diversify the economy and lessen dependence on fossil fuels.
In addition to these agreements, ACWA Power has also invested in various research and development initiatives. The main aim is to progress further in the energy sector.
