Saudi’s ACWA Power, recognized as the world’s largest private desalination company and a pioneer in green hydrogen, has achieved a remarkable milestone with the successful closure of 10 significant financial deals. These closes mark the largest in the company‘s history. Over the course of the past 12 months, ACWA Power has secured a series of projects in Saudi, Egypt, and Uzbekistan, collectively valued at over $14 billion.
Read more: DEWA, ACWA Power sign $914 mn deal for desalination plant
These projects are part of ACWA Power’s extensive portfolio, encompassing various initiatives in renewable energy, desalination, and green hydrogen. Notably, among these ventures is the NEOM green hydrogen project, which boasts a substantial investment value of $8.5 billion. In addition, this groundbreaking initiative represents the largest under-construction green hydrogen production project at a facility level in Saudi.
Accelerated energy growth
Abdulhameed AlMuhaidib, CFO of ACWA Power, said: “The past 12 months marks 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.”
“The financial execution base shows the accelerated rate of development underway across countries when it comes to energy transition,” added AlMuhaidib. “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.”
Notable financial closes
During the past year, Aqua Power has accomplished several notable financial closes alongside the NEOM green hydrogen project. These include Ar Rass solar PV and the Al Shuaibah 1 and Al Shuaibah 2 solar PV projects, which form a critical part of Saudi Arabia’s National Renewable Energy Program (NREP); three wind projects in Uzbekistan – Bash, Dzhankeldy and Nukus; the Kom Ombo solar project in Egypt; the Shuaibah 3 IWP, and most recently the Rabigh 4 IWP in Yanbu.
Diverse funding
The financing for these projects has been secured through a combination of local and international financial institutions, as well as infrastructure development funds. Also, this diverse funding approach not only underscores ACWA Power’s strong market credibility and innovative financing strategies but also reflects the increasing interest of institutions in supporting energy transition initiatives.
Seeking new opportunities
In the upcoming months, ACWA Power remains committed to seeking new opportunities and forging partnerships that align with its mission, aiming to expand its project portfolio within Saudi Arabia and on a global scale. Currently, ACWA Power boasts a diverse portfolio of 75 assets at different stages of development and operation across regions such as the Middle East, Africa, Central Asia, and Southeast Asia.
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