ACWA Power achieves financial closure of $14bn in last 12 months

Having initiated projects in the renewables, green hydrogen and water desalination sectors, Saudi Arabia’s ACWA Power has announced a financial closure of $14 billion in the past year, the largest in the company’s history.

The listed firm embarked on 10 projects spanning the Kingdom, Egypt and Uzbekistan. Of these, NEOM’s $8.5 billion green hydrogen facility, dubbed the largest in the world, constituted a significant portion of ACWA’s accomplishments over the year.

“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 within 12 months,” said Abdulhameed Al-Muhaidib, the chief financial officer of ACWA Power, in a statement.

“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,” he added.

Besides the NEOM initiative, ACWA Power reached financial closure for the Ar Rass photovoltaic project and the Al-Shuaibah 1 and the Al-Shuaibah 2 solar PV projects — crucial components of Saudi Arabia’s National Renewable Energy Program, as per a press release.

In Uzbekistan, the company advanced three wind projects: Bash, Dzhankeldy and Nukus. It also finalized the Kom Ombo solar project in Egypt, the Shuaibah 3 Independent Water and Power Project and most recently, the Rabigh 4 IWP in Yanbu.

“The financial execution base shows the accelerated rate of development underway across countries when it comes to energy transition,” added Al-Muhaidib.

He further noted that the company expects growth in the upcoming years as governments realize the economic benefits of changing their energy methods.

In the approaching months, ACWA Power is poised to explore further opportunities and collaborations that resonate with its mission, aiming to expand its domestic and international presence, the statement said.

ACWA Power currently boasts 75 assets in development or operational stages, spanning the Middle East, Africa, Central and Southeast Asia.