Saudi Arabia’s ACWA Power has secured a series of agreements worth $1.8 billion at the Future Investment Initiative (FII8) in Riyadh. These deals encompass financing, renewable energy, storage, and research and development initiatives across the GCC, China, Central Asia, and North Africa.

One of the agreements is a $690 million framework deal with the National Bank of Kuwait (NBK) to support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other markets. Another involves a $240 million Shariah-compliant equity bridge loan from the International Finance Corporation (IFC) to fund the Sazagan 1 and 2 projects in Uzbekistan.

Lastly, they inked a $54 million research and development partnership with China’s Lujiazui Administration Bureau to establish an R&D center in Shanghai, focusing on advancing solar, wind, energy storage, green hydrogen, and desalination technologies.

With $7 billion invested across Africa, ACWA Power is also a leading private-sector investor in renewable energy on the continent.