Acwa flips the switch on Riverside battery

Acwa achieved full commercial operation for its Riverside battery energy storage system in Uzbekistan, according to a Tadawul disclosure. The project — located in the Tashkent region — commenced full commercial operations on 11 February following verification from the National Electric Grid of Uzbekistan. Acwa holds a 100% stake in the project company, which also operates the adjacent 200 MW Riverside solar photovoltaic plant.

IN CONTEXT- Acwa is the largest foreign investor in Uzbekistan’s energy sector, with 19 projects totaling USD 5 bn, Acwa’s Uzbekistan country head Soumendra Rout said in June.

Madfu bags SAR 95 mn in a pre-series A funding round

Homegrown BNPL startup Madfu closed a SAR 95 mn pre-series A funding round, led by Afaq Capital alongside a group of unnamed angel investors, the company said in a LinkedIn post. Founded in 2022 by Abdullah Albrahim (LinkedIn), Ahmad Alwosheel (LinkedIn), and Anas Alshuqayr (LinkedIn), Madfu is licensed by the Saudi Central Bank to offer BNPL services to individuals and businesses via flexible plans of up to six installments.

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