• 27+ GW

    of power

    power
  • 3 million M3 day

    of desalinated water

    water

ACWA Power Projects formed in 2004, the forerunner of present day ACWA Power

Company History

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In 2002, the Government of the Kingdom of Saudi Arabia decided to increase the role the private sector played in the Saudi economy by opening up the production of electricity and desalinated water to the private sector to own and operate.

Recognizing the opportunity that this significant shift in policy offered, ACWA Holding (representing the Abunayyan Trading Company and Abdulkadir Al Muhaidib & Sons Co.) along with the MADA Group for Industrial and Commercial Development (MADA Group) formed a joint venture under the name of ACWA Power Projects in 2004. The latter was the forerunner of present day ACWA Power, which was subsequently founded in 2008.

Acwa Power Timeline

  1. ACWA Power Projects formed in 2004-image

    ACWA Power Projects formed in 2004 – the forerunner of present day ACWA Power

  2. Successful bids for Shuaibah IWPP & Petro-Rabigh IWSPP 2005-image

    Successful bids for Shuaibah IWPP & Petro-Rabigh IWSPP in Saudi Arabia shortly after formation

  3. Achieved Financial Close of Shuaibah IWPP 2006-image

    Achieved Financial Close of Shuaibah IWPP and PetroRabigh IWSPP, Saudi Arabia

    Successful bids for Shuqaiq IWPP 2006-image

    Successful bids for Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia

  4. ACWA Power added Shuaibah Expansion IWP 2007-image

    ACWA Power added Shuaibah Expansion IWP, Saudi Arabia

    Achieved Financial close of Shuqaiq IWPP  2007-image

    Achieved Financial close of Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia

  5. ACWA Power formed with c. USD 2008-image

    ACWA Power formed with c. USD 800 Mn capital

    Bowarege IWPP and Petro-Rabigh IWSPP 2008-image

    Bowarege IWPP and Petro-Rabigh IWSPP commence commercial operations

  6. Successfully bid and achieved Financial Close of Rabigh IPP 2009-image

    Successfully bid and achieved Financial Close of Rabigh IPP, Saudi Arabia

  7. Barka 1 IWPP completely integrated into ACWA Power 2010-image

    Barka 1 IWPP completely integrated into ACWA Power portfolio

  8. Signed the PPA for Hajr IPP 2011-image

    Signed the PPA for Hajr IPP, Saudi Arabia

    Closed acquisition of CEGCO 2011-image

    Closed acquisition of CEGCO, Jordan

    Signed a joint development agreement for the Kirikkale CCGT IPP 2011-image

    Signed a joint development agreement for the Kirikkale CCGT IPP, Turkey

    Inaugural Corporate Murabaha Facility 2011-image

    Inaugural Corporate Murabaha Facility (USD 300 Mn) closed

  9. Achieved Financial Close for Hajr IPP 2012-image

    Achieved Financial Close for Hajr IPP, Saudi Arabia

    Increased the effective stake in CEGCO 2012-image

    Increased the effective stake in CEGCO, Jordan

    Acquired a 42% controlling stake in Karadzhalovo PV IPP 2012-image

    Acquired a 42% controlling stake in Karadzhalovo PV IPP, Bulgaria

    Signed WPA for the Phase 1 Expansion of Barka 1 IWPP’s 2012-image

    Signed WPA for the Phase 1 Expansion of Barka 1 IWPP’s water desalination capacity by 10 MIGD, Oman

    Increased effective shareholding in NOMAC 2012-image

    Increased effective shareholding in NOMAC by 35%

  10. Achieved financial close and began construction of Hajr IPP 2013-image

    Achieved financial close and began construction of Hajr IPP, Saudi Arabia

    Rabigh IPP commences commercial operations 2013-image

    Rabigh IPP commences commercial operations, Saudi Arabia

    Succesful bid for Al Mourjan IPP 2013-image

    Succesful bid for Al Mourjan IPP, Saudi Arabia

    ACWA Power closes its second Corporate Murabaha Facility 2013-image

    ACWA Power closes its second Corporate Murabaha Facility of SAR 1.775 Bn

  11. Commenced construction for Bokpoort CSP IPP 2014-image

    Commenced construction for Bokpoort CSP IPP, South Africa

    Commenced construction for NOORo I in Ouarzazate 2014-image

    Commenced construction for NOORo I in Ouarzazate, Morocco

    Acquired Bioservis Benesov (BSB), Waste 2 Energy (W2E) plant 2014-image

    Acquired Bioservis Benesov (BSB), Waste 2 Energy (W2E) plant, Czech Republic

    Commenced construction for Al Mourjan IPP 2014-image

    Commenced construction for Al Mourjan IPP, Saudi Arabia

  12. Successful bid for Shuaa Energy PV IPP 2015-image

    Successful bid for Shuaa Energy PV IPP in Dubai, UAE

    Successful bid for Salalah 2 IPP 2015-image

    Successful bid for Salalah 2 IPP, Oman

    Achieved financial close of NOORo II CSP IPP and NOORo III CSP IPP 2015-image

    Achieved financial close of NOORo II CSP IPP and NOORo III CSP IPP, Morocco

    Achieved Financial Close for Shuaa Energy 1 PV IPP 2015-image

    Achieved Financial Close for Shuaa Energy 1 PV IPP, UAE

    Commence construction of Salalah 2 IPP and integrated Dhofar Generating Company 2015-image

    Commence construction of Salalah 2 IPP and integrated Dhofar Generating Company, Oman

  13. ACWA Power, Mitsui & DIDIC Consortium win Salalah 2 IPP and acquires 2016-image

    ACWA Power, Mitsui & DIDIC Consortium win Salalah 2 IPP and acquires Dhofar Generating Company in Om

    ACWA Power Khalladi confirms final orders 2016-image

    ACWA Power Khalladi confirms final orders for its Wind Power Project in the North of Morocco

    ACWA Power Consortium led by Mitsui wins largest single tendered independent power project 2016-image

    ACWA Power Consortium led by Mitsui wins largest single tendered independent power project in Oman producing 3,219 MW

    Hassyan Energy Phase 1 reaches financial 2016-image

    Hassyan Energy Phase 1 reaches financial close on DEWA’s 2.4 GW Hassyan Clean Coal Project with signing of US$ 2.47 Billion financing

    ACWA Power Mafraq signs financial agreements 2016-image

    ACWA Power Mafraq signs financial agreements for 60.3 MWp Solar PV IPP in Jordan

  14. H.H. Sheikh Mohammed bin Rashid Al Maktoum inaugurates 2017-image

    H.H. Sheikh Mohammed bin Rashid Al Maktoum inaugurates 200 MW second phase of the Mohammed bin Rashid Al Maktoum Solar Park

    ACWA Power Agrees Risha Jordan PV deal 2017-image

    ACWA Power Agrees Risha Jordan PV deal with record-low tariff

    King Mohammed VI of Morocco launches the NOOR PV I Program 2017-image

    King Mohammed VI of Morocco launches the NOOR PV I Program in Ouarzazate

    Dubai to get Solar Power day and night without subsidy 2017-image

    Dubai to get Solar Power day and night without subsidy at lower cost than Gas-fired electricity

    ACWA Power awarded three Solar PV projects under Round 2 of Egypt FiT program II 2017-image

    ACWA Power awarded three Solar PV projects under Round 2 of Egypt FiT program II

    ACWA Power officially inaugurates Kirikkale Power Plant 2017-image

    ACWA Power officially inaugurates Kirikkale Power Plant in Turkey

    ACWA Power Risha achieves financial close for 61.3 MWp Solar PV IPP  2017-image

    ACWA Power Risha achieves financial close for 61.3 MWp Solar PV IPP in Jordan