Acwa Power secures funds for projects worth $14bn

Acwa Power

Saudi-listed Acwa Power has achieved the “largest number of financial closures in its history” with projects worth more than $14 billion in the past 12 months.

Financial closures were achieved on 10 projects in Saudi Arabia, Egypt and Uzbekistan in renewables, water desalination and green hydrogen sectors.

One of the major projects includes the $8.5 billion Neom green hydrogen project, the world’s largest utility-scale green hydrogen production facility under construction in the kingdom. 

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Other projects with financial closures are Ar Rass solar PV, Al Shuaibah 1 and Al Shuaibah 2 solar PV projects in Saudi Arabia; three wind projects – Bash, Dzhankeldy and Nukus – in Uzbekistan; the Kom Ombo solar project in Egypt, and Shuaibah 3 IWP and Rabigh 4 IWP in Yanbu, Saudi Arabia. 

“The financial execution base shows the accelerated rate of development underway across countries when it comes to energy transition,” said Abdulhameed Al Muhaidib, chief financial officer, Acwa Power. 

“We expect this to ramp up even further in the coming years as governments realise the additional economic benefits of changing their energy mix beyond the climate and environmental ones,” he added.

Financing for these projects has been sourced from several local and international financial institutions, as well as infrastructure development funds, the renewable energy company said, emphasising the “growing appetite” of institutions in supporting energy transition projects.

At present, Acwa Power has 75 assets in various development stages and operations in the Middle East, Africa, central Asia and southeast Asia.