Skip to content Skip to Search
Skip navigation

Acwa Power secures funds for projects worth $14bn

Acwa's Shuaibah IWPP facility in Saudi Arabia. The company has achieved financial closures on 10 projects in Saudi, Egypt and Uzbekistan in the past 12 months Acwa Power
Acwa's Shuaibah IWPP facility in Saudi Arabia. The company has achieved financial closures on 10 projects in Saudi, Egypt and Uzbekistan in the past 12 months

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. 

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.   

Latest articles

reducing inflation Egypt Mohamed Maait finance minister

Reducing inflation is Egypt’s top priority, says minister

Reducing inflation in Egypt to align with the central bank’s target is the government’s main priority, the country’s finance minister, Mohamed Maait, has announced. Inflation in Egypt fell to 33 percent in March from 38 percent in September, passing the central bank’s target range of a 5 to 9 percentage point fall. Maait, speaking at […]

Turkey textiles

Hit by rising costs, Turkey’s textile producers move overseas

Textile manufacturers in Turkey, struggling with pricing pressures and labour costs, are moving their operations overseas, although at least some in the sector see a turnaround by the year’s end. The Istanbul Chamber of Industry sectoral purchasing managers’ index for March showed sentiment among textile manufacturers was the lowest among the 10 sectors covered by […]

Mubadala-backed Getir weighs asset sales

Turkey’s grocery delivery startup Getir is considering asset sales as part of its ongoing restructuring talks, according to a media report. The company, operating in five markets, including the UK, aims to sell off assets such as US online grocer FreshDirect, acquired last year, and BiTaksi, a ride-hailing app in Turkey, Sky News reported, citing unnamed […]

The total value of projects under construction in Masdar City is estimated at AED1 billion

Masdar City has up to $1bn of projects at design phase

Masdar City, Abu Dhabi’s sustainability-focused urban community, is working on projects in critical sectors of the UAE, backed by investments of between AED3 and AED4 billion ($817 million and $1 billion). The projects include energy, artificial intelligence (AI), space, life sciences and agriculture, the UAE state-run Wam news agency reported, quoting CEO Ahmed Baghoum. He […]