The Saudi energy group ACWA Power has signed several agreements during the Future Investment Initiative (FII8) in Riyadh. Most notably, the company took out a SAR900m (US$240m) shariah compliant equity bridge loan (EBL) from the International Finance Corporation (IFC, part of the World Bank Group) to fund two solar power projects in Uzbekistan totalling 1 GW. Located in Samarkand, the Sazagan 1 and 2 projects each consist of 500 MW solar photovoltaic (PV) and 334 MW battery energy storage systems (BESS) capacity. They should be commissioned between late 2025 and end of 2026.
In addition ACWA Power has entered into a joint development agreement with battery solutions provider Gotion Power Morocco. As part of the agreement, ACWA Power will develop a 500 MW wind power plant, incorporating a 2,000 MWh BESS solution. The project, which requires an initial investment of US$800m, will supply energy to Gotion Power’s battery manufacturing plant in Morocco, which is expected to begin production in early 2026.
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