During the ninth edition of the Future Investment Initiative (FII9), held in Riyadh, ACWA Power announced a series of strategic agreements valued at US$10 billion. These partnerships range from clean energy and storage projects to investment and technology transfer platforms, consolidating its role as a driver of the global energy transition.
Saudi Arabia: Under the FIP Framework
In Saudi Arabia ACWA Power, in collaboration with the Water and Electricity Holding Company (Badeel), a subsidiary of the Public Investment Fund (PIF), and Saudi Aramco, signed agreements for $6 billion that are part of Saudi Arabia’s National Renewable Energy Program (NREP) and aim to cover 70% of the national demand for clean energy by 2030.
The electricity generated will be supplied to the Saudi Power Procurement Company (SPPC) through power purchase agreements (PPAs). through long-term power purchase agreements. long-term power purchase agreements. The financing was backed by more than 20 international banks, including HSBC, China Construction Bank, Mizuho and Standard Chartered.
Uzbekistan: large-scale wind and solar projects
In Central Asia, ACWA Power sealed important agreements to expand clean energy in Uzbekistan:
- Kungrad 123 Project: With 1,500 MW of wind power and more than 300 MWh in battery storage (BESS). battery storage (BESS)is expected to supply 1.6 million households and reduce 2.5 million tons of CO₂ per year. The USD 100 million financing was provided by Sumitomo Mitsui Banking Corporation under Islamic law.
- Samarkand solar project: 2 solar power plants of 500 MW and a BESS system of 1,336 MWh, together with 500 km of transmission lines. The investment amounts to USD 1.8 billion and has partners such as JBIC, ADB, EBRD and IDB.
- Bash 2 wind project: With a capacity of 300 MW and an investment of US$360 million, it will generate electricity for 438,000 homes.
- Karatau Project: Already in commercial operation, it has 100 MW, 16 turbines and a 15.4 km transmission line.
Africa: partnerships to accelerate clean infrastructure
ACWA Power strengthened its presence in Africa with agreements with the International Finance Corporation (IFC):
- A framework agreement of up to USD 1 billion for financing, consulting and training in clean energy and water.
- Another agreement will explore the creation of an investment platform to channel private capital to small renewable projects, especially in sub-Saharan Africa.
In addition, a partnership was formalized with the OPEC Fund for energy and water projects, with an initial target of US$450 million in financial and capital investment support.
A comprehensive vision to transform the energy sector
Mohammad Abunayyan, founder and chairman of ACWA Power, said that these agreements represent a crucial step towards a more sustainable, reliable and affordable energy future. The company is committed to innovation, strategic partnerships and advanced financing models to lead decarbonization on a global scale.
During FII9, ACWA Power also presented advances in digitalization, artificial intelligence applied to energy management, and training of young talent in renewable energy and green hydrogen, aligned with the capacity building goals of Vision 2030.
Source: ACWA Power
