ACWA Power, the world’s largest private water desalination company, leader in energy transition and first mover into green hydrogen, announced the signing of a series of landmark agreements at the ninth edition of the Future Investment Initiative (FII9) in Riyadh.
The signings, with a combined value USD 10 billion, cover multiple regions, including the GCC, China, Central Asia, and Africa, and encompass financing partnerships, renewable energy, and storage projects, as well as collaboration in research and technology development. The agreements were signed in the presence of senior representatives from partner companies and government officials.
ACWA Power, in partnership with Water and Electricity Holding Company (Badeel), a wholly owned company of PIF, and Saudi Aramco, exchanged documents of financing agreements, representing a total investment of USD 6.0 billion. The projects are developed under the National Renewable Energy Program (NREP) led by the Ministry of Energy and part of PIF’s commitment to develop 70% of the national renewable energy targets by 2030, and will supply clean electricity to the Saudi Power Procurement Company (SPPC) as the procurer and off-taker for the development of The projects, under long-term power purchase agreements (PPAs). Financing for the portfolio was provided by Ajman Bank, Al Masraf, Alinma Bank, Arab National Bank, Bank Al Bilad, China Construction Bank, China Minsheng Bank, Emirates NBD, Eurobank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, KfW Development Bank, Mizuho Financial Group, National Bank of Bahrain, Piraeus Bank, Saudi Awwal Bank, Saudi Investment Bank, Saudi National Bank, Standard Chartered Bank, and Sumitomo Mitsui Trust Bank.
For Uzbekistan, ACWA Power exchanged documents for USD 100 million green equity bridge financing agreements for the Kungrad 123 Wind and Battery Energy Storage Project in the Republic of Karakalpakstan. This financing was secured from Sumitomo Mitsui Banking Corporation (SMBC) on a shariah compliant basis and is ACWA Power’s maiden equity bridge facility with SMBC for a project outside GCC. The project, developed under a Build, Own, Operate and Transfer (BOO(T)) structure, comprises 1,500 MW of wind capacity and 300+ MWh each of battery energy storage, systems (BESS) capacity, spread across three co-located wind farms in the Kungrad region. It also includes 1,444 kilometres of 500 kV transmission lines, three new switching stations, and upgrades to two existing ones. Once operational, Kungrad 123 will supply clean energy to 1.6 million households, offset 2.5 million tonnes of CO₂ annually, and reinforce ACWA Power’s role as a key partner in Uzbekistan’s energy transition toward a sustainable, low-carbon future.
ACWA Power also exchanged documents for USD 1.8 billion project financing agreements with a consortium of leading international banks and equity partners for the Samarkand Solar and Battery Energy Storage Project in Uzbekistan, the country’s largest solar project to date. The agreements were signed alongside project partners Sumitomo Corporation (approx. 20.2%), Chubu Electric Power Co., Inc. (approx.14.4%), and Shikoku Electric Power Co., Inc. (approx.14.4%). The consortium of lenders includes Japan Bank for International Cooperation (JBIC), Asian Development Bank (ADB), European Bank for Reconstruction and Development (EBRD), Islamic Development Bank (IsDB), and private financial institutions. The portion financed by private financial institutions is covered by Overseas Untied Loan Insurance provided by Nippon Export and Investment Insurance (NEXI). The project, located in Samarkand and Bukhara regions, is being developed under a 25-year Power Purchase Agreement (PPA) with Uzbekistan’s state-owned National Electric Grid of Uzbekistan (NEGU), and will comprise two 500 MW solar photovoltaic plants and two battery energy storage systems (BESS) with a combined capacity of 1,336 MWh. The project also includes over 500 kilometers of 220 kV and 500 kV transmission lines and two new substations that will enhance grid stability and connectivity. Once operational, it will supply clean electricity to approximately 600,000 households, offsetting 1.4 million tonnes of CO₂ emissions annually.
ACWA Power also announced progress on the 300 MW Bash 2 Wind Project in the Bukhara region, with Larsen & Toubro (L&T) appointed as the preferred EPC contractor. The project, which follows a 25-year Power Purchase Agreement with the National Electricity Grid of Uzbekistan (NEGU), includes 39 wind turbines, associated infrastructure, and a purchaser electrical facility with a 500 kV overhead transmission line. With a total investment of USD 360 million, the project will generate enough electricity for approximately 438,000 households, offsetting 630,000 tonnes of CO₂ annually.
The company also announced the commercial commissioning of the Karatau Wind 100 MW Project in the Qorao’zak and Beruniy districts of Karakalpakstan, Uzbekistan. The project comprises 16 Envision Energy wind turbines of 6.5 MW each, a 15.4 km overhead transmission line, and a 220 kV substation, with associated Balance of Plant facilities. Electricity will be supplied under a 25-year Power Purchase Agreement to the National Electric Grid of Uzbekistan (NEGU).
ACWA Power also signed a financing partnership with Sumitomo Mitsui Banking Corporation (SMBC) to establish a USD 100 million Export Bridge Loan (EBL) facility, which makes it ACWA Power’s first such facility with SMBC outside the GCC. The facility will support the 1.5 GW Kungrad Wind Power Project in Uzbekistan.
For Africa, ACWA Power deepened its long-standing partnership with the International Finance Corporation (IFC) through two strategic agreements aimed at accelerating clean energy and water infrastructure deployment on the continent. The first Framework Agreement, valued at up to USD 1 billion, will provide project and corporate financing as well as capacity building and advisory support for ACWA Power’s growing portfolio across Africa.
A second non-binding Framework Agreement between ACWA Power and IFC will explore the establishment of an equity investment platform to channel private capital into late-stage renewable energy IPPs and small-scale IPP & seawater desalination projects, aiming to provide more flexibility and faster accessibility to develop smaller scale project, particularly in Sub-Saharan Africa, in support of Mission 300. Both initiatives will accelerate private-sector participation and sustainable infrastructure delivery across the region.
ACWA Power also signed a Cooperation Agreement with the OPEC Fund for International Development (“OPEC Fund”) to expand its financing and equity investment support to ACWA Power for its ventures in Africa and other priority markets. The OPEC Fund may extend project financing, equity bridge loans, as well as equity investments support with USD 450 million as the initial target. The agreement reflects the parties shared commitment to advancing utility-scale clean energy and water projects that drive inclusive, low-carbon growth across the developing world.
To further enhance access to sustainable power across Southern Africa, ACWA Power entered into a Memorandum of Understanding with Chariot Limited to co-develop a utility-scale energy platform serving South African countries Power Pool (SAPP). The platform will focus on renewable power, battery storage, gas-to-power, and energy trading to support regional energy security and industrial development.
ACWA Power also signed three Framework Agreements with leading Chinese wind technology companies, Goldwind Science & Technology, Envision Energy, and Mingyang Smart Energy, to accelerate innovation, local manufacturing, and technology transfer across Saudi Arabia, Uzbekistan, China, and other key markets. The partnerships will focus on boosting wind turbine efficiency, promoting local content in line with Vision 2030, and exploring joint project development in emerging economies.
