Company History

ACWA POWER

TIMELINE

    • Agreement with APICORP image

      Signed an agreement with APICORP for a $125 million 5-year Shariah-compliant corporate facility to support ACWA Power’s future growth pipeline.

    • The Power Is Within You Winners image

      Announced the winners of “The Power Is Within You” initiative aimed to empower youth-driven innovation in the Kingdom’s power and water section.

    • Uzbekistan Power Projects image

      Achieved three major milestones in the development of power projects to enable Uzbekistan’s ambitious energy transformation plan and increase energy capacity by 2500MW, in cooperation with the Uzbekistan Ministry of Energy and the Ministry of Investments and Foreign Trade.

    • Financing Package Signage Uzbekistan image

      Signed a financing package for USD 1 billion gas power project in Uzbekistan.

    • Kom Ombo Final Project Agreements Signage image

      Signed final project agreements on 200MW Kom Ombo PV Plant with the Egyptian government.

    • Sakaka PV IPP Inauguration image

      Inaugurated the 300 MW Sakaka PV IPP, KSA’s first utility scale renewable energy project, at an investment value of 1.2 billion Saudi riyals, under the patronage of the crown prince and Saudi minister of energy.

    • Power Purchase Agreement with the Saudi Power Procurement Company image

      Signed a power purchase agreement with the Saudi Power Procurement Company for 25 years and launched Sudair Solar PV plant in Sudair Industrial City, leading a PIF-backed consortium.

    • Kom Ombo Financing Package image

      Signed a US$ 114 million financing package for the construction of the largest private solar plant in Egypt, the Kom Ombo solar plant, with EBRD, the OPEC Fund, AfDB, GCF, and Arab Bank.

    • Uzbekistan Agreement image

      Signed an implementation agreement with the Ministry of Investments & Foreign Trade and the Ministry of Energy of Uzbekistan for the development, construction and operation of a 1500 MW wind power project in Karakalpakstan, Uzbekistan.

    • Redstone Construction image

      Announced the commencement of construction on the 100 MW Redstone project in South Africa after a total investment of ZAR 11.6 billion, making the Redstone project the largest renewable energy investment in South Africa to date.

    • MoU with Neutral Fuels image

      Signed a Memorandum of Understanding (MoU) with Neutral Fuels, the GCC’s largest biofuel producer, for future collaboration on the supply of its Net Zero Biofuel™ for Saudi Arabia’s most ambitious regenerative tourism project on the Red Sea coast.

    • Sukuk image

      Raised SAR 2.8 billion through a senior, unsecured floating Sukuk rate issuance with a 7-year tenor, under the Shariah compliant Mudaraba-Murabaha structure, achieving the lowest pricing amidst a 1.8x oversubscription.

    • Azerbaijani market image

      Expanded geographic print by entering the Azerbaijani market

    • ACWA 39 Bond image

      ACWA Power’s maiden 144a-regs ACWA 39 Bond secured investment grade (BBB-) rating from Fitch

    • MoU with the Ministry of Housing and Egyptian Electricity Holding image

      Signed an MoU with the Ministry of Housing and Egyptian Electricity Holding to develop Egypt’s sustainable water desalination sector

    • Ministry of Energy of Uzbekistan image

      Signed three milestone agreements with the Ministry of Energy of Uzbekistan

    • Sustainable Loan image

      Obtained the first ever “Sustainable Loan” qualification for a desalination project for Taweelah IWP

    • Financial Closure Oman image

      Achieved financial closure for the largest solar photovoltaic power plant in Oman

    • Support Saudi National Health  image

      Contributed SAR 50 million to support Saudi national health efforts in combating the covid-19 pandemic

    • mobile hospital image

      Signed an agreement to build a fully equipped 100-bed mobile hospital in Al-Madinah Al Munawarah

    • Support Tahya Misr Fund image

      Contributed EGP 5.5 million to support Tahya Misr Fund’s efforts in combating covid-19

    • Fifth phase of the world’s largest single site solar park image

      Signed a PPA for the fifth phase of the world’s largest single site solar park with DEWA and a consortium led by ACWA Power and consisting of Gulf Investment Corporation

    • Water Purchase Agreement with SWPC image

      Signed a water purchase agreement with the Saudi Water Partnership Company (SWPC) for a greenfield sea water reverse osmosis desalination project in Jubail

    • ACWA Power Renewable Energy Holding Ltd with Silk Road Fund image

      Announced the completion of partnership over ACWA Power Renewable Energy Holding Ltd with Silk Road Fund

    • Samsung C&T’s Share image

      Acquired 4.99% of Samsung C&T’s share in Hajr Electricity Production Company

    • 500MW Ibri 2 image

      Achieved a new milestone for the 500MW Ibri 2 solar PV project, which entailed the shipment of the first 10 MWp of 24,700 bifacial solar panels

    • Air Products and NEOM image

      Signed an agreement for a $5 billion world-scale green hydrogen-based ammonia production facility powered by renewable energy with Air Products and NEOM

    • Nujood Medical Center image

      Inaugurated Nujood Medical Center in Saudi Arabia

    • Shanghai Electric for DEWA image

      Appointed Shanghai Electric as the Engineering, Procurement and Construction (EPC) contractor for the 5th phase of the Mohammed bin Rashid Solar Park

    • Financing Agreements of Shuaa Energy 3 PSC image

      Signed the financing agreements of the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park, Shuaa Energy 3 PSC

    • Financing Agreements for Jubail-3A IWP image

      Signed the senior financing agreements for the USD 650 million Jubail-3A IWP

    • ACWA Power Sells Its Stake in Bulgaria image

      Sold 100% stake in ACWA Power CF Karad PV Park EAD (“ACWA Power Karad”), owner of the 60.4 MWp Karadzhalovo photovoltaic (PV) power plant in Bulgaria to Enery Development GmbH

    • The Power is Within You Initiative image

      Launched a nation-wide initiative - ‘The Power is Within You’ - to empower youth in the Kingdom to ideate, develop and implement their product, service or technology innovations in the power & water sector, in line with Vision 2030

    • WETEX 2020 image

      Showcased a portfolio of leading renewable energy and water desalination projects at the 22nd Water, Energy, Technology and Environment exhibition (WETEX) as a Titanium Sponsor

    • Bokpoort CSP image

      Announced that the Bokpoort CSP plant has become the first renewable facility in the continent to complete a full week of continuous round the clock operation

    • The Red Sea Development Company image

      Won the Red Sea Development Company’s highest-value contract to date; to design, build, operate and transfer The Red Sea Project’s utilities infrastructure under a single agreement

    • The Public Investment Fund Stake image

      Announced that The Public Investment Fund (“PIF”) has increased its ownership stake in ACWA Power from 33.36% to 50%

    • Official Agreements in Azerbaijan image

      Executed the official agreements for the 240 MW wind power project that will be located in the Absheron and Khizi regions in Azerbaijan

    • Abu Dhabi Sustainability Week image

      Shed light on solutions to solve the world’s energy and water challenges at Abu Dhabi Sustainability Week

    • Sohar Calciner image

      Partnered with MMEC Mannesmann to develop the ‘Sohar Calciner’ project in Oman

    • MoUs with Silk Road Fund and Huawei image

      Signed two MoUs with Silk Road Fund and Huawei to lay ground for collaboration in investments and technological advancements

    • Rabigh 3 IWP image

      Signed financial agreements for Rabigh 3 IWP to generate 600,000 cubic meters a-day

    • Khalladi’s capital image

      Opened 24% of Khalladi’s capital to SAHAM Assurances, a new institutional partner in Morocco

    • Marubeni’s stake image

      Increased shareholding to 74% in RAWEC after buying all of Marubeni’s stake

    • press conference with DEWA and Chinese partners image

      Hosted press conference with DEWA and Chinese partners for the financial closure of Noor Energy 1

    • strategic agreements image

      Signed strategic agreements with PowerChina, China Gezhouba Group Company (CGGC) and Bank of China during the second Belt and Road Forum

    • Ibri-2 PV IPP image

      Signed Oman’s largest utility-scale 500MWac Ibri-2 PV IPP with Gulf Investment Corporation and Alternative Energy Projects

    • EMEA Project Finance Awards image

      Won Best Natural Resource deal of the year at the EMEA Project Finance Awards for Sohar Calciner project in Oman

    • Silk Road Fund agreement image

      Signed agreement with Silk Road Fund introducing it as a 49% shareholder in ACWA Power Renewable Energy Holding Ltd (RenewCo)

    • MoU with the National Grid Saudi Arabia and Chinese CET image

      Signed an MoU for new opportunities in cross-border interconnections and power grids with the National Grid Saudi Arabia and Chinese CET

    • Vinh Hao 6 PV IPP image

      Achieved commercial operation of 50MWp Vinh Hao 6 PV IPP in Vietnam

    • Umm Al Quwain image

      Inked agreements for a desalination plant in Umm Al Quwain with FEWA and Mubadala to produce 150 Million Imperial Gallons per day

    • Shuaibah Expansion II IWP image

      Inaugurated Shuaibah Expansion II IWP, the world’s fastest implemented water desalination plant

    • WEC 2019 image

      Highlighted its role in the sustainable development of the energy and water sectors at WEC 2019 in Abu Dhabi

    • Al Taweelah IWP image

      Signed WPA with EWEC for Al Taweelah IWP – the world’s largest reverse osmosis desalination facility – which will produce 909,200 cubic meter of water a day

    • MoU with Iraq Energy Institute image

      Signed an MoU with Iraq Energy Institute to strengthen energy market research in the Republic of Iraq

    • Climate Bonds Initiative certification image

      Received Climate Bonds Initiative certification for Renewable Energy Project Financing for Noor Energy 1 - making it the first certified project in the GCC region

    • Bangladesh image

      Inked MoU for 3,600 MW gas plant in Bangladesh

    • Ethiopia’s PPP image

      Awarded two 125 MW (total capacity 250 MW) solar projects in first round of Ethiopia’s PPP programme

    • WETEX 2019 image

      Participated in WETEX 2019

    • Kom Ombo image

      Signed the PPA for 200 MW Kom Ombo Plant in Egypt

    • NMES image

      Launched a new company – NMES – with NOMAC to provide advanced maintenance solutions for power and water plants in the Middle East

    • Umm Al Quwain financial closure image

      Achieved financial closure of the largest desalination plant in Umm Al Quwain

    • Connected Sakaka PV IPP image

      Connected Sakaka PV IPP to the national grid and commenced initial production

    • AIICO image

      Established a new business unit, AIICO, dedicated to enhancing local content in Saudi Arabia

    • Risha PV image

      Commenced commercial operations at Risha PV in Jordan

    • PV projects in Ethiopia image

      Signed a 20-year PPA agreement for 250 MWac PV projects in Ethiopia

    • MoU with SABIC image

      Signed an MoU with SABIC for pursuing opportunities to enhance local content in the economy of the Kingdom of Saudi Arabia

    • acwapower timeline_image1 image

      Achieves financial close of three solar PV projects in Egypt

    • ACWA Power and Huawei 2 image

      ACWA Power and Huawei roll out a centralised control & monitoring pilot project

    • Solar Coin 3 image

      Named the first utility-scale generator to adopt SolarCoin

    • Sakaka PV 4 image

      Wins 300 MW SKAKA PV IPP, the first utility scale renewable energy plant under the Saudi National Renewables Energy Program.

    • Salalah 2 IPP image5 image

      H.H. Sayyid Shihab bin Tariq al-Said inaugurates 445 MW Greenfield Salalah 2 IPP project in Oman

    • Noor Energy 1 image

      H.H. Sheikh Mohammed bin Rashid Al Maktoum breaks ground on Noor Energy 1, the biggest Concentrated Solar Power project in the world

    • Salalh IWP image

      ACWA Power-led consortium signs a number of agreements with Oman Power and Water Procurement Company to establish the Salalah Water Project

    • King’s Academy campus image

      His Royal Highness Crown Prince Al Hussein bin Abdullah II inaugurates 2.6 MW solar photovoltaic facility on King’s Academy campus

    •  Energy China image

      ACWA Power and Energy China sign a memorandum for power and water desalination co-operation across the Middle East and Asia.

    • Khalladi Wind image

      Inauguration of 120 MW Khalladi Windfarm in Morocco

    • PIF image

      The Public Investment Fund (PIF) of Saudi Arabia acquires 15.2% equity interest in ACWA Power, resulting in a total shareholding directly and indirectly of 24.98%.

    • aramco JV image

      ACWA Power, Saudi Aramco, and Air Products sign a Term Sheet to form an over US$8 billion Gasification/Power joint venture in Saudi Arabia

    • Zarqa Jordan image

      Commercial operation begins at Zarqa Combined-Cycle Power Plant in Jordan.

    • tool to mitigate climate change and empower women image

      ACWA Power, ECOHZ, and WOCAN partner to provide companies a tool to mitigate climate change and empower women through projects in Morocco and South Africa.

    • Khalladi wind  image

      ACWA Power’s Khalladi wind farm is first to qualify for the International Renewable Energy Certificate Standard

    • PPA with the Egyptian Electricity Transmission Company image

      ACWA Power-led consortium signs a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company for a gas-fired combined cycle plant in Egypt

    • Noor Energy 1 image

      Noor Energy 1 expanded to include 250 MW of photovoltaic panels to generate a total of 950 MW

    • Sakaka PV image

      Achieved financial closure of the c. SAR 1.2 billion Sakaka PV IPP

    • Sakaka PV image

      King Salman bin Abdulaziz of Saudi Arabia breaks ground on Sakaka PV IPP

    • W+ image

      ACWA Power, WOCAN, and ECOHZ witness the first utility transition of W+ from the NOORo Power plant in Morocco that empowers women

    • Rabigh 3 IWP image

      Wins Rabigh 3 IWP, the world’s largest independent water desalination plant

    • acwapower timeline_image1 image

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

    • acwapower risha pv 2 image

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

    • acwapower noor pv 2017 3 image

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

    • acwapower timeline image4 image

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

    • acwapower timeline_image5 image

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

    • acwapower drone kirikkale turkey nov 16 10 image

      ACWA Power officially inaugurates Kirikkale Power Plant in Turkey

    • acwapower acwa risha pv image

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

    • acwapower timeline - 2016 image

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

    • acwapower khalladi-31-07-2017 - 2016 image

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

    • acwapower sohar-3-ipp - 2016 image

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

    • acwapower proposed image hassyan clean coal plane phase 1 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

    • acwapower acwa mafraq logo image

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

    • acwapower shuaa 200mw march - 2015 image

      Successful bid for Shuaa Energy PV IPP in Dubai, UAE

    • acwapower timeline - 2015 image

      Successful bid for Salalah 2 IPP, Oman

    • acwapower nooro iii morocco nov 16 - 2015 image

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

    • acwapower shuaa west side view march 2017 comhistory - 2015 image

      Achieved Financial Close for Shuaa Energy 1 PV IPP, UAE

    • acwapower salalah greenfield 2 comhistoty - 2015 image

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

    • acwapower bokpoort csp autumn solar fields - 2014 image

      Commenced construction for Bokpoort CSP IPP, South Africa

    • acwapower solar fields noor hot day id - 2014 image

      Commenced construction for NOORo I in Ouarzazate, Morocco

    • acwapower timeline - 2014 image

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

    • acwapower timeline - 2014 image

      Commenced construction for Al Mourjan IPP, Saudi Arabia

    • acwapower timeline - 2013 image

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

    • acwapower rabigh ipp li qiang - 2013 image

      Rabigh IPP commences commercial operations, Saudi Arabia

    • acwapower timeline - 2013 image

      Succesful bid for Al Mourjan IPP, Saudi Arabia

    • acwapower timeline - 2013 image

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

    • Achieved Financial Close for Hajr IPP - 2012 image

      Achieved Financial Close for Hajr IPP, Saudi Arabia

    • acwapower aqaba thermal li qiang - 2012 image

      Increased the effective stake in CEGCO, Jordan

    • acwapower grass and solar panels below cloudy sky karadzhalavo bulgaria - 2012 image

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

    • acwapower aerial view evening plant lit up - 2012 image

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

    • acwapower timeline - 2012 image

      Increased effective shareholding in NOMAC by 35%

    • acwapower timeline image 2011

      Signed the PPA for Hajr IPP, Saudi Arabia

    • acwapower aqaba thermal li qiang- 2011 image

      Closed acquisition of CEGCO, Jordan

    • acwapower drone kirikkale turkey nov 16-2011 image

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

    • acwapower timeline - 2011 image

      Inaugural Corporate Murabaha Facility (USD 300 Mn) closed

    • acwapower aerial view evening plant lit up-2010 image

      Barka 1 IWPP completely integrated into ACWA Power portfolio

    • acwapower rabigh ipp li qiang - 2009 image

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

    • acwapower timeline_image 2008

      ACWA Power formed with c. USD 800 Mn capital

    • acwapower rabigh iwpp - 2008 image

      Bowarege IWPP and Petro-Rabigh IWSPP commence commercial operations

    • acwapower shuaibah expansion iwp-2007 image

      ACWA Power added Shuaibah Expansion IWP, Saudi Arabia

    • acwapower marafiq-iwpp-li-qiang-2007 image

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

    • acwapower petro rabigh phase 1 boilers 2006 image

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

    • acwapower shuqaiq-ksa - 2006 image

      Successful bids for Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia

    • acwapower shuaibah-iwpp-2005

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

    • acwapower timeline_image 2004

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

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