Acwa Power inked USD 10 bn in agreements at FII9, locking in financing, renewable energy, storage, and technology collaboration agreements across the GCC, Central Asia, Africa, and China, according to a press release.

#1- The headline bundle includes USD 6 bn in financing agreements with Badeel, a PIF subsidiary, and Saudi Aramco. The agreements cover multiple assets set to connect clean capacity onto the Saudi grid, supplying power to the Principal Buyer company through long-term offtake contracts.

A wide pool of regional and international lenders is backing the Saudi portfolio. Financing institutions include UAE’s 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, National Bank of Bahrain, Piraeus Bank, Saudi Awwal Bank, Saudi Investment Bank, Saudi National Bank, Standard Chartered, and Sumitomo Mitsui Trust Bank.

THE UZBEK PUSH-

In Uzbekistan, USD 1.8 bn in financing agreements were signed for the Samarkand 1.3 GW solar and storage projects. The project scope covers two 500 MW solar farms and 1.3 GWh of BESS, more than 500 km of new high-voltage transmission lines, and two substations to support grid stability. The project will operate under a 25-year power purchase agreement with Uzbekistan’s National Electric Grid (NEGU).

Backers: Lenders backing include Japan Bank for International Cooperation, Asian Development Bank, European Bank for Reconstruction and Development, Islamic Development Bank, alongside private banks supported by NEXI-provided insurance. Equity partners include Sumitomo Corporation (around 20.2%), Chubu Electric Power (around 14.4%), and Shikoku Electric Power (around 14.4%).

ALSO- The renewables giant secured USD 100 mn in shariah-compliant green equity bridge financing from Sumitomo Mitsui Banking Corporation (SMBC) for the Kungrad 1.5 GW wind and 300 MWh battery energy storage, systems (BESS) in Karakalpakstan. The development includes 1.4k km of 500 kV transmission lines, three new switching stations, and upgrades to two existing facilities under a build, own, operate, and transfer structure.

Acwa is doubling down on Uzbek winds: Progress continued on the USD 360 mn Bash 2 300 MW wind farm in Bukhara, where Larsen & Toubro was named preferred EPC contractor. The project includes 39 turbines and a new 500 kV overhead transmission line under a 25-year PPA.

Acwa also brought the 100 MW Karatu wind project into commercial operations, adding 16 turbines, a 15.4 km transmission line, and a 220 kV substation to Uzbekistan’s grid under a long-term supply agreement with NEGU. The company also set up a USD 100 mn export bridge loan facility with SMBC to support the Kungrad wind program — first structure with a bank outside the Gulf.

HEADING TO AFRICA-

#4- On the African front, Acwa signed a framework agreement with IFC valued at up to USD 1 bn to support renewable and water infrastructure, capacity building, and advisory work across the continent. A second nonbinding framework will see them exploring an equity platform targeting late-stage IPPs and small-scale desalination projects.

ALSO- A cooperation agreement with the Opec Fund will see up to USD 450 mn earmarked for project finance, equity bridge loans, and equity commitments for African and priority-market projects. Acwa and Chariot Limited will also co-develop a utility-scale energy platform for Southern Africa, targeting renewables, storage, gas-to-power, and energy trading across the Southern African Power Pool.

AND- Acwa is localizing wind manufacturing, inking three agreements with Goldwind, Envision Energy, and Mingyang Smart Energy to expand wind tech manufacturing, efficiency improvements, and tech transfer across Saudi, Uzbekistan, China, and emerging markets, aligned with local-content goals.

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