ACWA Power (2082) signed four agreements valued at around USD 1.8 billion on the sidelines of the Future Investment Initiative (FII) in Riyadh.
Details
The energy transition giant noted the agreements include financing, renewable energy, and storage projects.
Additionally, ACWA will undertake research and development efforts.
These agreements cover a range of projects across the GCC, China, Central Asia, and North Africa.
Company CEO Marco Arcelli notes that investments reflect the diversity of ACWA Power’s portfolio and the scope of its expansion strategy.
So what
Arcelli said on the sidelines of the global summit that ACWA Power’s current investments in Africa exceed USD 7 billion.
This strengthens the company’s position as the largest private investor in the renewable energy sector on the continent.
On another note, the recent agreements with the Egyptian and Tunisian governments affirm ACWA Power’s commitment to developing green hydrogen projects in African countries.
The company has also succeeded in providing the lowest water desalination tariff in the world, supporting its capability to deliver clean water at competitive prices and with high reliability.
Moreover, it reaffirms its commitment to achieving sustainability in Africa.
Some context
ACWA Power is recognized as a developer, investor, and operator of a range of power generation and water desalination plants, according to its website.
Its current project portfolio includes 90 plants in operation, under construction, or in advanced development stages.
The company employs over 4,000 people, accounting for 60% of local employment.
It operates in 13 countries, covering regions in the Middle East, North and South Africa, and Southeast Asia.
ACWA Power’s portfolio, with an investment value of USD 94 billion, can generate 65.6 GW of power and produce 8 million m3 /day of desalinated water.
The company is contributing to the massive NEOM green hydrogen project, which is expected to begin production by 2026.
This positions ACWA Power at the forefront of sustainable development and renewable energy.
Now what
The energy giant aims to triple its business size as part of an ambitious strategy announced in 2023.
It continues to expand globally, in line with its pursuit of providing affordable and reliable energy solutions worldwide.
This is under an aim to enhance economic and social development in the communities where it operates.
ACWA Power – in which the Saudi sovereign wealth fund holds about a 44% stake — is considered a key pillar of the Kingdom’s ambitions to expand its solar energy generation power.
