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Acwa Power

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Acwa Power News

Acwa Power has 75 assets in various development stages and operations in the Middle East, Africa, Central Asia and Southeast Asia

Acwa Power secures $3bn for Saudi renewable projects

Saudi renewables major Acwa Power has secured funding of SAR11.4 billion ($3 billion) for two projects in the kingdom. The company signed a debt financing agreement worth SAR5.7 billion for the development and construction of a 1,800 megawatt (MW) combined cycle power plant in Madinah. It also signed a deal to obtain SAR5.7 billion in funding […]

An Acwa Power solar facility in Saudi Arabia. The Bank Of China loan will help finance its solar projects in Uzbekistan

Acwa Power takes China bank loan in first for Saudi Arabia

Saudi energy major Acwa Power has secured an $80 million loan from the Bank of China as the appeal of the Chinese Renminbi as a trade currency gains traction in the GCC. Acwa Power, the world’s largest private water desalination company and a first mover into green hydrogen, has received the equity bridge loan to […]

Waste To Energy Biogas plant with solar, battery station and E-car charging station

African renewables are ripe for investment, says Irena

Africa accounted for less than 1 percent of the new renewable energy sources added globally last year, and a conference in Abu Dhabi this week called on wealthy investors to help the continent achieve its targets. Amani Abu Zeid, commissioner for infrastructure and energy of the African Union Commission, told the International Renewable Energy Agency […]

Acwa Power's desalination plant in Senegal will have a capacity of 400,000 cubic metres per day

Acwa Power to build $800m desalination plant in Senegal

Acwa Power, Saudi Arabia’s operator of power generation and desalinated water production plants, will construct a SAR3 billion ($800 million) desalination plant in Dakar, Senegal. The company signed an agreement with Senegal’s ministry of water and sanitation and state-backed National Water Company, to build a 400,000 cubic metres per day desalination plant in Dakar. The […]

The Al-Oyeynah Research Station in Saudi Arabia. Gulf nations are taking steps to increase renewables investment

Acwa Power faces $47m loss in Morocco solar plant outage

Saudi Arabia’s Acwa Power estimates it will incur a revenue loss of $47 million following a breakdown at one of its Morocco renewable energy plants.   The 150-megawatt Noor III solar power plant will face a “forced outage” until November 2024 due to a leak in the molten salt hot tank, the company said in a […]

Uzbekistan's retail sector is moving away from traditional markets and towards retail chains

Cenomi’s Uzbekistan debut a sign of Saudi trade ambitions

Saudi retail major Cenomi has announced its debut in Uzbekistan in tandem with the kingdom’s efforts to expand bilateral trade with the Central Asian nation. Uzbekistan is Cenomi’s 11th-largest international market, and it has signed a deal to open eight international brands – including a flagship Zara store – at the newly developed Tashkent City […]

A green hydrogen plant in China. The Neom Green Hydrogen Company intends to produce 8 tonnes a day.

Neom to produce first green hydrogen this year, CEO says

Saudi Arabia’s mega-city Neom is set to produce its first green hydrogen this year, a senior executive has confirmed. Wesam Alghamdi, chief executive of Neom Green Hydrogen Company (NGHC), told a conference in Dubai last week that the Hydrogen Innovation Development Centre will produce eight tonnes of green hydrogen a day on launch this year. […]

Acwa Power’s board has approved a dividend payment of SAR329 million for 2023

Acwa Power explores renewables projects in China

Saudi renewables major Acwa Power has started due diligence on up to eight projects in China, CEO Marco Arcelli said. “The first one will be announced in the coming few months,” he said in the company’s Q4 2023 financial statement. “2024 will be the first full year of execution for the new growth strategy with […]

City, Urban, Person Neom's New York office has opened in Manhattan's Hudsons Yards, home to The Vessel

Neom opens for business in US with New York office

Saudi Arabian giga-project Neom has opened an office in New York in a move designed to attract investment from the US for its green industries.  Neom said in a statement on February 6 that the Manhattan office would facilitate its business across the US, citing “industries, corporations, and investors” who could help in the development […]