ACWA Power has announced USD 10 billion worth of landmark agreements at the ninth Future Investment Initiative (FII9) in Riyadh. The deals span the GCC, China, Central Asia, and Africa, covering renewable energy and storage projects, financing partnerships, and research and technology collaborations, signed in the presence of senior officials and global partners.
In Saudi Arabia, ACWA Power, in partnership with Water and Electricity Holding Company (Badeel) and Saudi Aramco, finalized USD 6 billion in financing agreements under the National Renewable Energy Program to help achieve the Kingdom’s 2030 clean energy targets. In Uzbekistan, ACWA Power signed USD 100 million in green equity bridge financing for the 1.5 GW Kungrad Wind and Battery Storage Project and USD 1.8 billion in project financing for the country’s largest solar and storage project in Samarkand, strengthening its leadership in Central Asia’s renewable energy sector.
In Africa, ACWA Power expanded its partnership with the International Finance Corporation (IFC) through a USD 1 billion framework to accelerate clean energy and water projects, and signed an additional agreement with the OPEC Fund targeting USD 450 million in financing and equity support. The company also partnered with Chariot Limited to co-develop a renewable energy platform for Southern Africa and entered three framework agreements with China’s leading wind technology companies—Goldwind, Envision, and Mingyang—to boost innovation, local manufacturing, and technology transfer across multiple markets in support of Vision 2030.
Mohammad Abunayyan, Founder and Chairman of ACWA Power, said “the new agreements reflect the scale, diversity, and ambition of ACWA Power’s expanding global portfolio, underscoring its role as a pioneer in clean energy, water desalination, and green hydrogen.” He emphasized that forging partnerships with world-class entities allows the company to accelerate innovation, optimize operations, and deliver transformative solutions that address global sustainability challenges.
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