Renewable Energy 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 […] May 3, 2024
Sustainability 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 […] March 29, 2024
Energy 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 […] March 1, 2024
Energy Acwa Power begins work on $4bn green hydrogen project in Egypt Saudi-listed Acwa Power is slated to start work on the first phase of Egypt’s $4 billion green hydrogen project. The first phase of a green ammonia project will have a capacity of 600,000 tonnes per year powered by wind and solar plants, the renewables energy firm said. The project will be developed in collaboration with […] December 21, 2023
Renewable Energy Acwa Power backs $800m energy project in South Africa Acwa Power, Saudi Arabia’s operator of power generation and desalinated water production plants, has signed a purchase agreement for a 150 megawatt (MW) renewable energy project in South Africa. The $800 million Project Dao, one of the largest hybrid investments in the South African renewable energy sector, is currently under construction, Acwa Power said in a statement. […] December 19, 2023
Renewable Energy Acwa Power to develop $1bn green hydrogen project in Indonesia Saudi-listed Acwa Power will develop a $1 billion green hydrogen facility – the largest in Indonesia – that will start commercial production in 2026. The project will be codeveloped with PT Perusahaan Listrik Negara (PLN), Indonesia’s state-owned electricity provider and PT Pupuk Indonesia, a state-owned fertiliser and chemical producer. The agreement was signed on the […] December 7, 2023
Renewable Energy Acwa Power plans a bold investment future in Africa Saudi Arabia-listed Acwa Power is targeting future investments in Africa as part of the clean energy company’s plan to triple in size by 2030. “Africa needs that energy transition. But there aren’t enough developers going there and asking questions,” said Raad Al-Saady, vice chairman and managing director of Acwa Power, during a panel discussion at […] December 6, 2023
Renewable Energy Acwa Power seals $746m green energy deals Saudi renewable energy company Acwa Power has signed agreements worth $746 million to develop renewable and green hydrogen projects globally. The Riyadh-based company signed a $500 million heads of terms agreement with EIG, a US-based institutional investor in the global energy and infrastructure sectors, on the sidelines of the Future Investment Initiative (FII7) in Riyadh. The two companies […] October 27, 2023
Energy Acwa Power secures funds for projects worth $14bn 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 […] October 12, 2023
Renewable Energy Acwa Power forms clean energy alliances in China Saudi renewable energy company Acwa Power has signed agreements with two Chinese companies to enhance their global clean energy collaboration. The agreements were signed with state-owned China Southern Power Grid International Company and MingYang Smart Energy Group Limited during this week’s China (Guangdong)-Saudi Arabia Economic and Trade Cooperation Conference. Acwa Power chairman Mohammad Abunayyan said: “Signing the two MoUs […] September 14, 2023
Finance Acwa Power secures $545m for Saudi desalination project Saudi Arabian energy developer Acwa Power has secured funding of SAR2.045 billion ($545.3 million) for the Rawabi Water Desalination Company (Rabigh 4) independent water plant project in Saudi Arabia. The funding came from a consortium of local and global banks, including Standard Chartered Bank, Saudi National Bank, Riyadh Bank, The Saudi Investment Bank and Bank […] September 4, 2023
Renewable Energy Acwa Power secures $123m for Egyptian solar project Acwa Power, the Saudi-based energy developer, has secured $123 million of loans to reach financial close on a $182 million solar project in Egypt. The financing for the Kom Ombo solar plant, which will add 200MW of energy capacity, comes from a range of banks and funds. According to a filing to the Saudi Stock […] August 30, 2023
Energy Two Saudi solar projects secure $2.4bn funding A consortium led by Acwa Power has secured financial funding worth $2.37 billion for two solar projects, as Saudi Arabia looks to ramp up its renewable energy sector by the end of the decade. The Al Shuaibah 1 and Al Shuaibah 2 solar photovoltaic projects are expected to generate over 2.6 GW of clean electricity […] August 21, 2023
Exclusive Energy Acwa Power bids to turbocharge Saudi’s green targets When it comes to the green transition, Saudi Arabia has got some catching up to do. The country is targeting a 50-50 split in electricity generation between renewables and gas by 2030, but in 2021 just 0.2 percent of electricity came from renewable sources. To achieve this Vision 2030 goal, the country has tasked its […] July 28, 2023
Energy Acwa Power to build 1GW wind energy plant in Kazakhstan Saudi renewable energy company Acwa Power has signed a partnership agreement with Kazakhstan’s Ministry of Energy and Samruk-Kazyna, the sovereign wealth fund of Kazakhstan, to develop a 1GW wind energy and battery storage project in the Central Asian country. The initial investment in the project will be $1.5 billion, the biggest Saudi investment in Kazakhstan’s power […] March 3, 2023
Energy Acwa Power to develop green energy projects in Azerbaijan Saudi-listed Acwa Power has finalised four separate agreements to develop new renewable energy projects in Azerbaijan. The company has signed key implementation deals with the Ministry of Energy and a cooperation agreement with the State Oil Company of Azerbaijan Republic (Socar), it said in a statement. Acwa Power’s new MoU with Azerbaijan’s Ministry of Energy involves […] February 10, 2023
Energy ACWA Power signs $2.4bn wind farm deal in Uzbekistan Saudi-listed ACWA Power has signed a power acquisition deal with the National Electric Grid of Uzbekistan to build three wind power plants in the country. According to a bourse filing to the Tadawul exchange, the $2.4 billion Kungrad wind farm project in the north-western Karakalpakstan district of Uzbekistan, will be implemented through special purpose vehicles. […] December 27, 2022
Energy Saudi’s ACWA Power sells 49% stake in Uzbek’s Sirdarya project Saudi-listed ACWA Power and China’s Silk Road Fund signed a share purchase agreement for the 1.5 GW Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan. As per the agreement, ACWA Power will continue to be the majority shareholder in the project, holding a 51 percent stake in the facility. The Silk Road Fund, China’s sovereign […] September 15, 2022
