Riyadh, Saudi Arabia: ACWA Power, the world’s largest privately owned desalination company, a leader in the energy transition, and the first company to launch green hydrogen projects, announced the signing of a series of landmark agreements during the ninth edition of the Future Investment Initiative conference, hosted by the Saudi capital, Riyadh. The agreements, totaling US$10 billion in investments, span the Gulf Cooperation Council (GCC) countries, China, Central Asia, and Africa, and encompass financing partnerships, renewable energy and storage projects, and collaborations in research and technological development. The agreements were signed in the presence of company representatives and government officials.

ACWA Power, the Water and Electricity Holding Company (Badeel), a wholly owned subsidiary of the Public Investment Fund (PIF), and Saudi Aramco Energy Company (SABCO), a wholly owned subsidiary of Aramco, announced the exchange of financing agreements for five previously announced photovoltaic solar energy projects, with a total investment of SAR 22.5 billion (USD 6 billion). These projects fall under the National Renewable Energy Program overseen by the Ministry of Energy and are part of PIF’s commitment to developing 70% of the Kingdom’s target for renewable energy generation by 2030. The Saudi Power Procurement Company (SPPC), the primary purchaser and entity responsible for purchasing the energy produced from these projects, will be supplied with clean electricity under long-term purchase agreements. The list of entities funding the five projects includes: Ajman Bank, Arab Investment Bank, Alinma Bank, Bank Albilad, China Construction Bank, China Minsheng Bank, Emirates NBD, Eurobank, First Abu Dhabi Bank, HSBC, Industrial and Commercial Bank of China, German Development Bank (KfW), Mizuho Financial Group, National Bank of Bahrain, Piraeus Bank, Saudi First Bank, Saudi Investment Bank, National Bank of Saudi Arabia, Standard Chartered Bank, and Sumitomo Mitsui Trust Bank.

In the Republic of Uzbekistan, documents were exchanged for a $100 million green equity bridge financing agreement for the Kongrad 123 wind power and battery energy storage project in the Republic of Karakalpakstan. The financing, secured from Sumitomo Mitsui Bank in accordance with Sharia principles, marks the first such bridge financing agreement between ACWA Power and the bank for a project outside the GCC region. The project, being developed under a build-own-operate-transfer (BOOT) model, comprises 1,500 MW of wind power capacity and over 300 MWh of battery energy storage at each site, distributed across three adjacent wind farms in the Kongrad region. The project also includes the construction of 1,444 km of 500 kV transmission lines, three new substations, and the upgrading of two existing substations. When operational, the Kongrad 123 project will provide clean energy to nearly 1.6 million homes and contribute to reducing 2.5 million tons of carbon dioxide emissions annually, reinforcing ACWA Power’s role as a key partner in Uzbekistan’s energy transition towards a sustainable and low-carbon future.

Separately, financing agreements for a $1.8 billion project were exchanged with a consortium of international banks and equity partners to finance the Samarkand solar power and battery energy storage project in Uzbekistan, the largest solar power project developed in the country to date. The agreements were signed with project partners including Sumitomo Corporation (approximately 20.2%), Chubu Electric Power (approximately 14.4%), and Shikoku Electric Power (approximately 14.4%). The lending group includes the Japan Bank for International Cooperation, the Asian Development Bank, the European Bank for Reconstruction and Development, the Islamic Development Bank, and other private financial institutions. The portion financed by private institutions will be insured by the Japan Export and Investment Guarantee Corporation. The project, located in the Samarkand and Bukhara regions, is being developed under a 25-year power purchase agreement with the Uzbek national electricity grid. This project comprises two 500 MW solar power plants, two battery storage systems with a total capacity of 1,336 MWh, over 500 kilometers of 220 kV and 500 kV transmission lines, and two new substations that will enhance grid stability and connectivity. Once operational, the project will provide clean electricity to approximately 600,000 homes and contribute to reducing carbon dioxide emissions by 1.4 million tons annually.

The company announced progress on the 300 MW Bash-2 wind farm project in the Bukhara region, where Larsen & Toubro (L&T) was selected as the preferred engineering, procurement, and construction (EPC) contractor. The project, being developed under a 25-year power purchase agreement with the national electricity grid of the Republic of Uzbekistan, comprises 39 wind turbines, supporting infrastructure, and a buyer's power facility with a 500 kV overhead transmission line. With a total investment of US$300 million, the project will provide enough electricity for approximately 438,000 homes and reduce CO2 emissions by 630,000 tons annually.

ACWA Power also announced the commencement of commercial operations at the 100 MW Karatau wind farm in the Qoraozak and Biruni districts of Karakalpakstan. The project comprises 16 Envision Energy turbines, each with a capacity of 6.5 MW, along with a 15.4 km transmission line and a 220 kV substation. Electricity will be supplied under a 25-year power purchase agreement with the national grid of the Republic of Uzbekistan.

ACWA Power also signed a cooperation agreement with Sumitomo Mitsui Bank to establish a $100 million export financing facility; the company’s first such financing with the bank outside the GCC region. This financing will support the 1.5 GW Kongrad wind power project in the Republic of Uzbekistan.

In Africa, ACWA Power has leveraged its longstanding partnership with the International Finance Corporation (IFC) through two strategic agreements aimed at accelerating the deployment of clean energy and water infrastructure projects across the continent. The first agreement, valued at up to US$1 billion, includes project and company financing, as well as capacity-building programs and advisory support for ACWA Power’s growing portfolio across Africa.

The second (non-binding) framework agreement between ACWA Power and the International Finance Corporation (IFC) will explore the creation of a venture capital platform aimed at channeling private capital towards advanced-stage independent renewable energy projects and small-scale reverse osmosis desalination projects. This initiative aims to enhance resilience and accelerate access to finance for small-scale projects, particularly in sub-Saharan Africa, in support of the Mission 300 initiative. Both initiatives will contribute to accelerating private sector participation and promoting the implementation of sustainable infrastructure projects in the region.

ACWA Power also signed a cooperation agreement with the OPEC Fund for International Development to expand the scope of financial and investment support provided to the company, including project financing and capital investments for its initiatives in Africa and other priority markets. The Fund may provide project financing, bridge loans, and capital investments with an initial target value of up to US$450 million, reaffirming both parties’ commitment to developing large-scale clean energy and water projects that contribute to inclusive, low-carbon growth in developing countries.

To improve access to sustainable energy in Southern Africa, ACWA Power signed a Memorandum of Understanding with Charitable Limited to develop a utility-scale energy platform serving the Southern African Power Pool. ACWA Power will focus on renewable energy, battery storage, and gas projects within this platform, aiming to enhance regional energy security and support industrial development.

ACWA Power also signed three framework agreements with leading Chinese wind technology companies: Gold Wind Spann & Technology, Envision Energy, and Mingyang Smart Energy. These agreements aim to accelerate innovation, technology transfer, and local manufacturing in Saudi Arabia, Uzbekistan, China, and other key markets. The partnerships focus on improving wind turbine efficiency, enhancing local content in line with the goals of Saudi Vision 2030, and exploring joint development opportunities for projects in emerging economies.

Commenting on the agreements, Mohammad Abunayyan, Founder and Chairman of ACWA Power, said : “These new agreements reflect the size, diversity, and ambition of the company’s growing global portfolio and underscore its leading role in clean energy, water desalination, and green hydrogen.” Abunayyan emphasized that partnerships with world-class institutions enable the company to accelerate innovation, improve operational efficiency, and deliver transformative solutions to address global sustainability challenges.

He added that the signing of the agreements represents a major step in ACWA Power's journey to reshape the global energy landscape by providing integrated electricity and water solutions that are sustainable, reliable, and delivered quickly and cost-effectively. As the company continues its global expansion, it leverages its extensive experience in project development, innovative financing models, and strong public-private partnerships to further support the global transition towards a more sustainable energy future.

It is worth noting that ACWA Power will showcase its investments in digital transformation, research and development, and climate change adaptation and mitigation during the three-day conference. These investments include AI-powered energy management, predictive maintenance, and advanced materials for performance enhancement. Furthermore, the company will highlight its commitment to developing national talent and building capacity through training programs designed to prepare young professionals for the renewable energy and green hydrogen sectors, in line with the goals of Saudi Vision 2030.

About ACWA Power

ACWA Power (trading symbol: 2082) is a Saudi-listed company and the world’s largest privately owned desalination company. It is also the first company to produce green hydrogen and a leader in the global energy transition. Established in Riyadh, Saudi Arabia in 2004, the company employs over 4,000 people and currently operates in 15 countries across the Middle East, Africa, Central Asia, and Southeast Asia. Its portfolio includes 110 projects in operation, development, or construction, with an investment value of SAR 431.25 billion (USD 115 billion). These projects have a generating capacity of 93 gigawatts of power and produce and manage 9.2 million cubic meters of desalinated water per day, which is delivered in large quantities to meet the long-term needs of government facilities and industries. ACWA Power also provides water and electricity to third parties through power purchase agreements and public-private partnerships.

For more information, please visit the company's website via the link.

www.acwapower.com

For media inquiries:

Mohammed Al-Hassan, Acting Director of Media and Corporate Communications - Media Affairs and External Communication

Moalhasan@acwapower.com

media.inquiries@acwapower.com

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