Acwa Power makes a splash at the Belt and Road Initiative: Tadawul-listed renewables giant Acwa Power has signed seven cooperation agreements in solar, green hydrogen, and water desalination projects with Chinese firms during the third Belt and Road Forum in Beijing, according to a company statement. The agreements were signed with one of China’s largest power generators the State Power Investment Corporation, the Bank of China, civil engineering firm Power China Group, power and infrastructure solutions firm Energy China Group, and solar panel manufacturer Jinko Solar, among others. No further details were provided regarding the generation or production capacities, financial details or timelines of the projects.

Acwa’s history with China is a long one: Acwa Power has had an operating office in Beijing since 2009, facilitating Chinese investments worth a total of USD 10 bn in the Saudi firm’s projects worldwide. Chinese EPC contractors, material suppliers, and financiers have participated in 47 projects and signed contracts worth more than USD 30 bn with Acwa Power, including landmark renewable, green hydrogen, and seawater desalination projects.

It’s been a hell of a year for Acwa Power: The past 12 months have seen Acwa Power achieve financial close across 10 key projects in Saudi Arabia, Egypt, and Uzbekistan with a total value of USD 14 bn, the largest in the company’s history, according to a press release. Acwa Power was able to lock-in USD 8.5 bn funding for the massive Neom Green Hydrogen project, USD 2.2 bn for the Al Shuaibah 1 and Al Shuaibah 2 solar projects; USD 123 mn for the 200 MW Kom Ombo solar project in Egypt; a USD 501 mn syndicated loan for Egypt’s Ras Ghareb wind farm; USD 120 mn for the 100 MW Karatau wind farm in Uzbekistan; USD 658 mn for the 500 MW Dzhankeldy wind farm in Uzbekistan and the USD 690 mn 500 MW Bash wind plant also in Uzbekistan. The two desalination projects that received financing this year were the USD 821 mn Shuaibah 3 project and the USD 678 mn Rabigh 4 project, for which Acwa Power signed financing and security agreements, but is yet to reach financial close.

IN OTHER ACWA NEWS- Acwa signs roadmap agreement to develop a wind farm in Azerbaijan: Acwa Power and the Azerbaijan Renewables Energy Agency has inked the roadmap agreement to develop an 200 MW onshore wind farm accompanied with battery energy and storage facilities, according to a statement. The financials and an expected timeline have not been disclosed. Last February, the company signed a cooperation agreement with Azerbaijan that will see the company set up a 1.5 GW offshore wind energy project as part of a plan to build wind farms with a combined capacity of 2.5 GW and develop the country’s first battery storage systems. Earlier in 2022, Acwa broke ground on another 240 MW in Azerbaijan with a reported investment ticket of USD 300 mn.