ACWA Power Achieves Record-Breaking $14 Billion In Project Closures

Representational image. Credit: Canva

Saudi-listed ACWA Power, a global leader in renewable energy, water desalination, and green hydrogen, has celebrated a remarkable 12-month period by achieving financial close for projects worth over $14 billion, the largest in the company’s history. These projects span across Saudi Arabia, Egypt, and Uzbekistan, covering a wide spectrum of ACWA Power’s portfolio, including renewable energy, water desalination, and green hydrogen initiatives. The highlight of this milestone is the $8.5 billion NEOM Green Hydrogen project, the world’s largest utility-scale green hydrogen production facility currently under construction in Saudi Arabia.


Abdulhameed Al Muhaidib, CFO of ACWA Power, discussed this achievement during the Saudi Arabia Investment Forum in New York, stating, “The past 12 months mark a historic milestone for us, as it represents the highest number of projects we have ever successfully achieved financial closure for within 12 months. It demonstrates our agility, resilience, and unwavering commitment to creating a sustainable future for generations to come. It not only validates our expertise as a developer and operator of strategically vital projects but also speaks highly about the trust our investors and partners place in us.”

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Apart from the NEOM Green Hydrogen project, ACWA Power achieved financial closure for various other ventures, including solar PV projects like Ar Rass, Al Shuaibah 1, and Al Shuaibah 2, which are integral to Saudi Arabia’s National Renewable Energy Program (NREP). Additionally, the company completed three wind projects in Uzbekistan (Bash, Dzhankeldy, and Nukus), the Kom Ombo solar project in Egypt, the Shuaibah 3 IWP, and the most recent addition, the Rabigh 4 IWP in Yanbu.


These projects are being funded through collaboration with numerous local and international financial institutions and infrastructure development funds, underscoring ACWA Power’s market credibility and innovative financing approach. The increasing interest and support from institutions indicate the growing momentum for energy transition projects.

Looking ahead, ACWA Power remains committed to pursuing new opportunities and partnerships that align with its mission of expanding its project footprint both within Saudi Arabia and on a global scale. Currently, ACWA Power has 75 assets in various stages of development and operation across geographies, including the Middle East, Africa, Central Asia, and Southeast Asia. This remarkable milestone demonstrates the accelerating transition towards renewable energy and the substantial economic benefits associated with a changing energy mix.

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