ACWA Power unveils US$10 billion in new clean-energy and financing agreements

The signings, with a combined value US$10 billion, cover multiple regions, including the Gulf Cooperation Council (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 US$6 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 several banks.

For Uzbekistan, ACWA Power exchanged documents for US$100 million green equity bridge financing agreements for the Kungrad 123 wind and battery energy storage system (BESS) project in the Republic of Karakalpakstan. This financing was secured from Sumitomo Mitsui Banking Corp. (SMBC). The project, developed under a build, own, operate, and transfer structure, comprises 1500 MW of wind capacity and 300+ MWh each of BESS capacity, spread across three co-located wind farms in the Kungrad region. It also includes 1444 km 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 tpy of CO₂, and reinforce ACWA Power’s role as a key partner in Uzbekistan’s energy transition towards a sustainable, low-carbon future.

ACWA Power also exchanged documents for US$1.8 billion project financing agreements with a consortium of leading international banks and equity partners for the Samarkand solar and BESS project in Uzbekistan, the country’s largest solar project to date. The agreements were signed alongside project partners Sumitomo Corp. (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 PPA with Uzbekistan’s state-owned National Electric Grid of Uzbekistan (NEGU), and will comprise two 500 MW solar photovoltaic (PV) plants and two BESS with a combined capacity of 1336 MWh. The project also includes over 500 km 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 tpy of CO₂ emissions.

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 PPA with NEGU, includes 39 wind turbines, associated infrastructure, and a purchaser electrical facility with a 500 kV overhead transmission line. With a total investment of US$360 million, the project will generate enough electricity for approximately 438 000 households, offsetting 630 000 tpy of CO₂.

The company also announced the commercial commissioning of the 100 MW Karatau wind 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 PPA to NEGU.

Additionally, ACWA Power 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.

These signings mark a major step forward in ACWA Power’s journey to reshape the global energy landscape through affordable, reliable, and sustainable power and water solutions – delivered with speed. As the company continues to expand its international footprint, it leverages its project development expertise, financing models, and strong public-private partnerships to support the global shift towards a cleaner and more inclusive energy future.

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