ACWA Power Co, a leading Saudi renewables developer, has successfully finalized four project financing and investment agreements totaling USD 1.78 billion (EUR 1.65 billion) to support its global renewable energy initiatives, which include large-scale projects in Uzbekistan and Morocco. Under a framework agreement with the National Bank of Kuwait (NBK), ACWA Power has secured USD 690 million to finance its future project pipeline across Saudi Arabia, Kuwait, and other targeted markets. Furthermore, ACWA Power has entered into a joint development agreement with battery solutions provider Gotion Power Morocco to collaborate on a 500-MW wind project, which will include a 2,000-MWh battery storage component. In a separate initiative, ACWA Power has partnered with China’s Lujiazui Administration Bureau to establish a research and development (R&D) center in Shanghai, investing approximately USD 54 million. This facility will focus on advancements in solar, wind, energy storage, green hydrogen, and desalination technologies.

Source: The North Africa Journal November 04, 2024 17:43 UTC