Renewable Energy Acwa Power planning 15GW wind and solar projects By Edmund Bower February 24, 2025, 4:50 PM Acwa Power Khalladi wind project in Morocco. Acwa plans to expand in Asia and Africa, but Saudi Arabia remains 'the locomotive' in its plans, Bostrom says Saudi Arabia’s renewables champion Announcements due before April 30 Assets under management hit $107.5bn Acwa Power expects to announce new solar and wind power projects before the end of April as part of its contract to provide 70 percent of Saudi Arabia’s renewable energy needs. The projects will have a combined generating capacity of 15 gigawatts (GW), Acwa’s chief investment and development officer Thomas Brostrom told AGBI. That is enough electricity to power more than 11 million homes. By comparison, total installed solar power generating capacity in the US was about 179GW at the end of 2023. Last week Acwa said the value of its assets under management had passed $100 billion for the first time after a number of acquisitions, making it one of the largest renewable-focused energy companies in the world by this measure. Its assets total now stands at $107.5 billion and the company is aiming to reach $250 billion in 2030. Its portfolio of assets is made up of 101 projects in 14 countries with just under half focused on renewable energy. Last week Acwa acquired stakes in renewable energy and water desalination projects in Kuwait and Bahrain. Acwa to build 2GW wind power project in Egypt Saudi Arabia’s Taqa and EDF partner on geothermal energy Acwa signs green hydrogen supply deal with Germany The company plans to expand in Asia and Africa but Saudi Arabia remains “the locomotive” in expansion plans, Bostrom said. The “vast majority” of financing for Acwa’s expansion will come from commercial banks and development finance institutions (DFIs), he said. “We have an excellent relationship with the banks – local Saudi banks, international banks, all the DFIs and development banks,” Bostrom said. DFIs are typically owned by governments or charities and provide funds for low-capital projects or where it is more difficult to secure commercial bank lending. To help finance the expansion, Brostrom said the listed company might also seek to sell more shares once or twice over the next five years.
