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Acwa Power

Energy

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

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 […]

Traders on the floor of the New York Stock Exchange on Friday. Markets around the world have been rocked by Trump's tariffs

Aramco losses mirror wider Saudi stock plunge

The Saudi stock market opened at more than 2 percent lower on Monday to a 17-month low, following its biggest single one-day drop since the 2008 financial crisis. The Tadawul All Share Index (Tasi) tumbled by about 1,025 points or 8.6 percent following US President Donald Trump’s announcement last week of a minimum 10 percent […]

Architecture, Building, Factory

GCC companies to bid for Oman’s power projects

A Saudi-listed company and a UAE state-run entity are among a dozen companies shortlisted to develop and operate two major independent power producer (IPP) projects in Oman. The list includes Etihad Water and Electricity, Acwa Power, Marubeni Corporation, Reliance Power, Sembcorp Utilities, Samsung C&T Corporation, Sumitomo Corporation, Nebras Power, Korea Western Power and Al Jomaih […]

Wind turbines in Pastra, Greece. Masdar has been investing in the country and elsewhere in Europe

Masdar IPO could help accelerate Gulf’s energy transition

An initial public offering by Abu Dhabi’s Masdar could mark a pivotal moment in the move towards cleaner sources of power in not only the world’s largest oil-producing region, but also in Europe, industry observers say. Masdar, more officially known as the Abu Dhabi Future Energy Co, is considering an IPO next year to fund […]

One solar panel in North Africa generates two to three times the amount of power that one does in Europe

Plans to bring African energy to Europe face big challenges

At least five multi-billion dollar projects to bring up to 24 gigawatts of solar and wind power energy from sunny North Africa to chilly Europe, assisted by Gulf investment money, are currently being planned. But these ambitious schemes to reduce Europe’s reliance on fossil fuels generally, and energy supplies from Russia specifically, all face major […]

Orascom and Técnicas Reunidas have already received the notice to proceed with the engineering, procurement and construction contract

Orascom wins $2.6bn contract for Saudi power plant

A consortium comprising Egypt-listed Orascom Construction and Spain’s Técnicas Reunidas has signed a contract to build a 3 gigawatt gas-fired power plant in Saudi Arabia’s Eastern Province. The consortium signed an engineering, procurement and construction contract worth around $2.6 billion for expanding the Qurayyah independent power project, Orascom said in a statement on Monday. In […]

Saudi Arabia Investors

International investors target Saudi IPOs and smaller caps

Emerging market investors are increasingly targeting Saudi Arabia’s smaller listed companies and initial public offerings, because of their better stock price performance versus their bigger peers. Since early 2020, foreign investors have been net buyers of almost $34 billion of Saudi Arabian equities, a report by the Dubai-based consultancy Iridium Advisors has revealed. Much of […]

Acwa Power workers at the Sakaka solar site in Saudi Arabia

Acwa Power bolsters renewables presence in China

Saudi Arabian energy company Acwa Power has opened a renewable-energy innovation centre in Pudong New Area in Shanghai.  The move is part of the company’s aim to expand its renewables presence in China, according to a statement. The new facility will focus on five areas: photovoltaics, wind, energy storage, green hydrogen and seawater desalination, Acwa […]