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Acwa Power

Energy

Latest Acwa Power DevelopmentsAI Insights

Acwa Power has reported record revenue in the first quarter, driven by higher returns on operations and development services, as well as sales of electricity and water. Revenue increased almost 60 percent to SAR1.97 billion, while net profit surged 44 percent to reach SAR427 million during the three months to March 31. 1

The company has announced a $10 billion investment plan in Malaysia, in collaboration with the Malaysian Investment Development Authority. The joint venture aims to develop 12.5 gigawatts of green projects by 2040, contributing to Malaysia's renewable energy capacity targets. 2

A consortium led by Dubai Electricity and Water Authority, Acwa Power, and the Chinese state-owned Silk Road Fund co-invested in the fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai, with an anticipated capacity of 5,000 megawatts by 2030. 3

In Iraq, under a large energy deal, Acwa Power was awarded contracts to construct seven solar power plants with a combined capacity of 7.5 gigawatts. These are part of Iraq's plan to reach 12 gigawatts of clean energy by 2030. 4

Acwa Power and Saudi Electricity Company signed a power purchase agreement with Saudi Power Procurement Company for a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. 5

Acwa Power Overview

Acwa Power – or the International Company for Water and Power Projects – was formed in 2004 and describes itself as a developer, investor and operator of power generation and water desalination plants.

It has more than 90 assets in operation, development or under construction across 13 countries.

The company claims to be at the forefront of the energy transition, and is involved in large-scale renewable energy projects including Sheikh Mohammed bin Rashid al-Maktoum Solar Park in Dubai and Neom’s green hydrogen project.

Acwa Power’s headquarters are in Riyadh and it has offices in Jeddah, Dubai, Baku, Beijing and Cairo, among others.

From 2004 to 2011 Acwa Power focused primarily on Saudi Arabia, and was awarded contracts for several thermal power projects.

In 2011 the company then began international expansion, acquiring Central Electricity Generating Company in Jordan and signing a joint development agreement for the Kirikkale Combined Cycle Gas Turbine project in Turkey.

Acwa Power is a publicly listed company on the Saudi Stock Exchange (Tadawul). Saudi Arabia’s Public Investment Fund acquired a 15 percent stake in Acwa Power in 2018, and has since increased that to more than 40 percent.

Subsidiaries include Kahromaa Company, Acwa Power Bahrain Holdings, Acwa Power Management and Investments One and Acwa Power Global Services.

Acwa Power News

The green hydrogen project is being built at Neom’s industrial city Oxagon

Work gains pace at Neom’s $8.4bn green hydrogen plant

Work on Saudi Arabia’s Neom green hydrogen project is 80 percent complete, with renewable energy production set to start next year, the developer behind the plans has confirmed. “Construction of the world’s largest green hydrogen plant is advancing rapidly,” Neom Green Hydrogen Company (NGHC) said in a statement. Progress has been made across the $8.4 billion green […]

A new era of green energy for Malaysia as MIDA and Acwa Power join forces to develop 12.5 GW of sustainable projects with an initial $10 billion investment

Acwa Power enters Malaysia with $10bn investment plan

Saudi Arabian energy company Acwa Power and the state-backed Malaysian Investment Development Authority (MIDA) have agreed to collaborate on developing 12.5 gigawatts (GW) worth of green projects in Malaysia by 2040. The initial investment will amount to $10 billion, supporting Kuala Lumpur’s target of increasing its installed renewable energy capacity to 70 percent by 2050, […]

UCIC, the Middle East’s largest paper packaging company, says its IPO raised $160 million

United Carton’s shares fall on Tadawul first day

Shares in United Carton Industries Company fell on their debut in Riyadh on Tuesday, making it the only Saudi company this year to end its first day below its initial public offering price. UCIC closed at SAR49.25, 1.5 percent below the IPO price of SAR50, in the first Saudi listing since President Donald Trump‘s tariffs […]

The PIF wind power with project with Acwa Power could generate enough power for a small city

PIF and Acwa Power to team up for 3GW wind farm

Saudi Arabia’s $940 billion Public Investment Fund (PIF) and its affiliate Acwa Power are working on a wind farm project to develop enough electricity to power three small cities, according to reports.  The wind power projects, one for 2 gigawatts and the other for 1GW, are part of the 2025 round of the country’s National […]

The rights offering price and the number of shares will be finalised following an extraordinary general meeting

Acwa Power’s $2bn capital top-up approved

Saudi Arabia’s market regulator has approved Acwa Power’s capital top-up request to support its global expansion. The agreement will allow the renewables major, which is backed by Saudi Arabia’s $925 billion Public Investment Fund, to increase capital through a rights issue worth SAR7.2 billion ($1.9 billion). The offering price and the number of shares will […]

Acwa Power's Sakaka solar facility in Saudi Arabia. The company recently announced projects in Kuwait, Azerbaijan, Egypt and Bahrain

Acwa Power reports record revenue and profit surge

Saudi Arabian energy company Acwa Power posted record revenue in the first quarter from higher returns on operations and development services as well as electricity and water sales. Revenue jumped almost 60 percent to SAR1.97 billion, the publicly listed company said in a statement to the Saudi stock exchange. This helped to underpin a 44 […]

A solar power project at the Faihaa oil field in Basra, Iraq. The country's planned renewable energy projects will generate nearly 12,000MW

Iraq imports 126,000 solar panels for ‘Sun of Basra’ project

Iraq has imported more than 126,000 solar panels for its largest solar power park being built by France’s TotalEnergies, electricity minister Ziad Fadhil has said. Dubbed “Sun of Basra”, the project is part of a $27 billion contract and will generate at least 1,000 megawatts (MW) of electricity that will benefit 250,000 houses. The project […]

The wind farm will generate clean energy for more than 1 million homes, reducing carbon emissions by 1.5 million tonnes annually

Egypt’s largest wind farm begins operations ahead of schedule

Egypt-listed Orascom Construction has commenced commercial operations at the newly expanded Red Sea wind farm six months ahead of schedule. The largest operational wind farm in Africa is being developed by the Red Sea Wind Energy consortium under a 25-year build-own-operate scheme, the company said in a statement. The alliance comprises France’s Engie (35 percent), Orascom […]