Company Insights 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 Renewable Energy Acwa Power plans to invest $50bn in China by 2030 Saudi energy company Acwa Power plans to invest up to $50 billion in renewable energy projects in China, a senior executive said on Tuesday. Lyu Yunhe, Acwa Power’s head of China operations, said they aim to work with Chinese state-owned companies to acquire clean power assets with a value of up to 20GW and an additional 1 […] December 3, 2024 Renewable Energy Poland’s Hynfra to build green ammonia plant in Egypt Egypt’s General Authority for Investment and Free Zones is linking up with Polish energy company Hynfra to build a green ammonia plant. The facility will produce ammonia for export from Egypt to the European Union, the GAFI and Hynfra said in a joint statement. It will require an investment of $1.6 billion in its first […] November 26, 2024 Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024 Renewable Energy Acwa Power to build energy storage systems in Uzbekistan The Saudi renewable power company Acwa Power has agreed with Uzbekistan’s energy ministry to develop up to two gigawatt hours (GWh) of standalone battery energy storage systems capacity (BESS) avross the Central Asian country. The deal comes after a memorandum of understanding signed during the Tashkent Investment Forum in Uzbekistan in May 2024. Under the agreement, […] November 18, 2024 Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024 Energy Acwa Power secures $238m for Azerbaijan wind farm Saudi renewable energy major Acwa Power has secured $238 million in funding to support a wind energy project in Azerbaijan. The funding for the Absheron-Khizi 240-megawatt (MW) wind farm comes from the European Bank for Reconstruction and Development (EBRD) and the Opec Fund for International Development. In December 2023, the company obtained a Shariah-compliant equity bridge […] November 14, 2024 Renewable Energy Acwa Power signs $1.8bn deals to promote renewables Saudi renewable energy major Acwa Power has signed agreements worth $1.8 billion to develop renewable energy and battery storage projects, as well as research and development, across the GCC, China, Central Asia and North Africa. The agreements were signed during the Future Investment Initiative conference in Riyadh. The first pact includes a $690 million agreement […] October 30, 2024 Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024 Renewable Energy Hydrogen taxis to hit the road in Saudi Arabian trial Saudi Arabia has announced a trial operation of its first hydrogen powered taxi. The Transport General Authority (TGA) said the pilot phase will use Toyota Mirai vehicles, as it seeks to reduce carbon emissions and reduce reliance on internal combustion engine vehicles. The emission-free Toyota Mirai car has a range of 350 kilometres and the […] October 24, 2024 Renewable Energy PIF’s new venture to invest $10bn in green hydrogen Saudi Arabia’s Public Investment Fund (PIF) has established a new entity to invest an estimated $10 billion into the production of green hydrogen. The new subsidiary, Energy Solutions Company, will focus on funding the development of low-carbon fuel, Bloomberg reported, quoting unnamed sources. The investment is estimated to grow significantly in the coming years, driven […] October 8, 2024 Posts navigation 1 2 … 11 Next
Renewable Energy Acwa Power plans to invest $50bn in China by 2030 Saudi energy company Acwa Power plans to invest up to $50 billion in renewable energy projects in China, a senior executive said on Tuesday. Lyu Yunhe, Acwa Power’s head of China operations, said they aim to work with Chinese state-owned companies to acquire clean power assets with a value of up to 20GW and an additional 1 […] December 3, 2024
Renewable Energy Poland’s Hynfra to build green ammonia plant in Egypt Egypt’s General Authority for Investment and Free Zones is linking up with Polish energy company Hynfra to build a green ammonia plant. The facility will produce ammonia for export from Egypt to the European Union, the GAFI and Hynfra said in a joint statement. It will require an investment of $1.6 billion in its first […] November 26, 2024
Renewable Energy Masdar-led consortium to build Saudi solar plant Masdar, the UAE clean energy company, has won a contract with Chinese and South Korean partners to develop a 2GW solar project in Saudi Arabia. The company, along with its partners GD Power of China and the Korea Electric Power Corporation, will build the plant at Al Sadawi, about 500km north of Riyadh in the […] November 20, 2024
Renewable Energy Acwa Power to build energy storage systems in Uzbekistan The Saudi renewable power company Acwa Power has agreed with Uzbekistan’s energy ministry to develop up to two gigawatt hours (GWh) of standalone battery energy storage systems capacity (BESS) avross the Central Asian country. The deal comes after a memorandum of understanding signed during the Tashkent Investment Forum in Uzbekistan in May 2024. Under the agreement, […] November 18, 2024
Telecoms PIF’s $1bn Saudi Telecom sale could be sign of things to come Saudi Arabia’s Public Investment Fund has offloaded a $1 billion stake in the kingdom’s former telecoms monopoly in a deal that could mark the start of further equity sales as government entities seek to raise money for infrastructure spending. In October, the International Monetary Fund lowered its GDP growth prediction for Saudi Arabia this year […] November 14, 2024
Energy Acwa Power secures $238m for Azerbaijan wind farm Saudi renewable energy major Acwa Power has secured $238 million in funding to support a wind energy project in Azerbaijan. The funding for the Absheron-Khizi 240-megawatt (MW) wind farm comes from the European Bank for Reconstruction and Development (EBRD) and the Opec Fund for International Development. In December 2023, the company obtained a Shariah-compliant equity bridge […] November 14, 2024
Renewable Energy Acwa Power signs $1.8bn deals to promote renewables Saudi renewable energy major Acwa Power has signed agreements worth $1.8 billion to develop renewable energy and battery storage projects, as well as research and development, across the GCC, China, Central Asia and North Africa. The agreements were signed during the Future Investment Initiative conference in Riyadh. The first pact includes a $690 million agreement […] October 30, 2024
Development Saudi Arabia to invest $41bn in Africa over next decade Saudi Arabia is providing at least $41 billion in funding for low-income sub-Saharan countries in Africa, the government announced on Monday. Finance minister Mohammed bin Abdullah Al-Jadaan revealed a $1 billion development initiative for Africa, $5 billion for startups from the Saudi Development Fund over the next ten years, $10 billion in financing from the […] October 28, 2024
Renewable Energy Hydrogen taxis to hit the road in Saudi Arabian trial Saudi Arabia has announced a trial operation of its first hydrogen powered taxi. The Transport General Authority (TGA) said the pilot phase will use Toyota Mirai vehicles, as it seeks to reduce carbon emissions and reduce reliance on internal combustion engine vehicles. The emission-free Toyota Mirai car has a range of 350 kilometres and the […] October 24, 2024
Renewable Energy PIF’s new venture to invest $10bn in green hydrogen Saudi Arabia’s Public Investment Fund (PIF) has established a new entity to invest an estimated $10 billion into the production of green hydrogen. The new subsidiary, Energy Solutions Company, will focus on funding the development of low-carbon fuel, Bloomberg reported, quoting unnamed sources. The investment is estimated to grow significantly in the coming years, driven […] October 8, 2024
