Acwa signs landmark agreements with Senegal Government for West Africa's largest seawater desalination project powered by renewable energy.

Milestone entry into China's renewable energy market with investment agreements for over 1GW of projects across multiple provinces. This milestone marks a key step in Acwa’s China Strategy that was launched in 2023.

Signed strategic Memoranda of Understanding (MoUs) with four prominent Italian organizations. These agreements, signed during the visit of the Italian PM to Saudi Arabia, on the sidelines of the Saudi-Italian High Level Roundtable Meeting in AlUla, aim to foster collaboration across project finance, insurance, energy generation, and water desalination technologies.

Seven partnership agreements on the sidelines of Acwa’s Riyadh-based flagship Innovation Days event, the highest in the history of the annual event. The agreements were signed with local and international entities.

Signing of a Share Purchase Agreement (SPA) with the regional subsidiary of French utility developer ENGIE, to acquire assets at an amount of US$ 693 million. This strategic acquisition encompasses operating capacities of 4.61GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, as well as the related operations and maintenance companies in Kuwait and Bahrain.

Signing of a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a landmark 2 GW wind project in Egypt. Representing a significant investment of approximately US$ 2.3 billion.

Broke ground on the Beruniy Wind Independent Power Plant (IPP) project, in a ceremony attended by H.E. Shavket Mirziyoyev, President of the Republic of Uzbekistan. This marked the start of several pivotal projects in the field of renewable energy.

Announced the completion of a Sale and Purchase Agreement(s) to sell 35% of its shareholding in ACWA Power Bash Wind Project Holding Company Limited and ACWA Power Uzbekistan Wind Project Holding Company limited to China Southern Power Grid International (HK) Co. Ltd.

Along with Badeel (a PIF-owned company) and SAPCO (an Aramco subsidiary), signed 5,500 MW power purchase agreements with the Saudi Power Procurement Company (SPPC) for the development of three major solar PV projects in Saudi Arabia.

Signed an MoU with Verbund to jointly explore the potential development of green hydrogen projects in the Middle East to produce hydrogen that will be used by Verbund as a renewable energy source to Central Europe, with a primary focus on Austria.

Signed extensive heads of terms agreements to develop a green hydrogen facility and a green ammonia pilot project in the Republic of Uzbekistan.

Added 2.4 million M3/day of water desalination capacity across four reverse osmosis megaprojects in 2022, the largest in a calendar year in the company’s history.

Successfully raised SAR 1.8 billion, through a senior, unsecured Sukuk floating rate issuance with a 7-year tenor along with a call option on the fifth-year anniversary of the issue date. Marking ACWA Power’s second issuance under the SAR 5bn Sukuk program.

Finalized four separate agreements with the Republic of Azerbaijan’s Ministry of Energy and State Oil Company of Azerbaijan Republic (SOCAR) for the development of new renewable energy in the Republic.

Announced a ground-breaking partnership agreement with the Republic of Kazakhstan’s Ministry of Energy and Samruk-Kazyna, the sovereign wealth fund of Kazakhstan to lead and develop a 1GW wind energy and battery storage project.

Announced financial Results for the full year ended 31 December 2022, with robust growth in all its key financial performance indicators.

Launched the all-new “Renewable Energy and Occupational Safety” Program in partnership with ACWA Power’s vocational institute, the Higher Institute for Water and Power Technologies (HIWPT).

Signed three Power Purchase Agreements and Investment Agreements with Uzbekistan’s Joint-Stock Company (JSC), National Electric Grid of Uzbekistan (NEGU), and Ministry of Investment, Industry and Trade.

Expanded c-suite with Marco Arcelli joining as CEO, Raad Al Saady joining as Vice Chairman and Managing Director, and Paddy Padmanathan continuing to serve on the Board of ACWA Power.

Signed water purchase agreements for the 600,000 cubic meter per day Rabigh 4 Independent Water Plant (IWP) in Saudi Arabia.

Signed a US$ 123 million financing package to develop the 200MW Kom Ombo project, a utility-scale solar power plant in Egypt.

Announced the financial results for the first quarter of 2023, a three-month period ending 31 March 2023.

Signed two significant agreements during the EBRD 2023 Annual Meeting and Business Forum in Samarkand marking a major milestone to advance Uzbekistan’s target to decarbonize 35% of its energy sector by 2030.

PIF-owned Badeel and ACWA Power signs a power purchase agreement with SPPC to develop & operate three major new solar PV IPPs in Saudi Arabia with a combined value of SAR 12.2 billion.

Achieved financial close on the world’s largest green hydrogen production facility at a total investment value of US$ 8.4 billion.

ACWA Power and Nanostone launch strategic research collaboration to develop next-generation seawater pre-treatment systems.

Inauguration of the second phase of the Al Dur 2 plant, in the Kingdom of Bahrain to produce energy and improve its efficiency to provide the best services to citizens.

Broke ground for a 240 MW wind power plant in Azerbaijan, in the presence of His Excellency President Ilham Aliyev, President of the Republic of Azerbaijan and His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz Al Saud, Minister of Energy of Saudi Arabia.

Inaugurated Ibri 2, Oman’s first solar independent power project (IPP) to be launched under the country’s national renewable energy programme and connected to the main national grid.

Achieved financial close for the Red Sea project in Saudi Arabia. Comprising of US$1.302 billion in senior debt facilities, this project is part of a consortium that includes SPIC Huanghe Hydropower Development Company and Saudi Tabreed Cooling Company.

Broke ground on the 100MW Nukus wind project, in a formal ceremony attended by His Excellency Shavket Mirziyoyev, President, Republic of Uzbekistan and His Excellency Yousef Saleh Algahrah Al-Otaibi, Saudi Arabia’s Ambassador to the Republic of Uzbekistan.

Signed a power purchase agreement (PPA) to develop the 700 MW Ar Rass solar photovoltaic independent power plant (IPP) in Saudi Arabia. This is the largest PV project that has been tendered as part of the Kingdom’s National Renewable Energy Programme (NREP) to date

Achieved the distinction of “the world’s largest reverse osmosis desalination facility” by the Guinness World Records™, the ultimate global authority on record-breaking achievements, for the Rabigh 3 Independent Water Project in Saudi Arabia.

Signed a joint development agreement with OQ, Oman’s leading integrated energy group, and Air Products toward a multibillion-dollar investment in a world-scale green hydrogen-based ammonia production facility powered by renewable energy in Oman.

Signed an agreement with Shuaibah Water Electricity Company, and Saudi Water Partnership Company to restructure the Shuaibah 3 Independent Water and Power Project to convert and replace the facility to a greenfield seawater reverse osmosis desalination plant.

Finalized project agreements with Hassan Allam Holding to develop a 1.1GW wind project in Egypt, at an investment value of US$1.5 billion

Began initial commercial operations at Al Taweelah IWP in Abu Dhabi, reaching 50% of the plant’s capacity. When complete, this will be the world’s largest reverse osmosis desalination plant.

Signed a memorandum of understanding with POSCO Holdings, that will involve the joint development of green hydrogen and its derivatives such as green ammonia, to decarbonize POSCO Group’s power generation, and its steel manufacturing processes.

Signed three major agreements with the government of Uzbekistan to develop renewable energy, a gas-to-power facility and an investment roadmap for green hydrogen in the Republic.

Inked an industrial development agreement with Water Global Access, an R&D firm, to integrate technology into desalination projects that can reduce operational costs and save energy.

Brought on China’s Silk Road Fund as a co-investor in the 1.5 Sirdarya combined cycle gas turbine (CCGT) facility in Uzbekistan.

Entered Senegal through the signing of an MoU with government entities to build the largest seawater reverse osmosis desalination plant in Sub-Saharan Africa.

Signed an extensive MoU with Korea Electric Power Corporation (KEPCO), towards a potential partnership in the development of green hydrogen / ammonia projects in the Middle East and South Korea.

Engaged with South Africa’s Industrial Development Corporation (IDC), to explore the development of green hydrogen and its derivatives in the Republic of South Africa.

Brought in the European Bank for Reconstruction and Development (EBRD) via an MoU that focuses on project development in renewable energy, green hydrogen, green desalination and green hydrogen in Central Asia and North Africa.

Entered Indonesia through the award of two floating solar wind farms by PT Perusahaan Listrik Negara (Persero) or PLN, Indonesia’s sole state-owned electricity utility.

Brought in Oman Investment Authority and The Sovereign Fund of Egypt as co-investors in 1.1 GW Suez Wind Energy project in Egypt during COP27.

Expanded its nascent Indonesian portfolio through a joint development agreement with Pertamina New & Renewable Energy (Pertamina NRE) to develop the core utilities supply for a petrochemical plant.

Signed an MoU with PT Perusahaan Listrik Negara (PLN), Indonesia’s state-owned electricity provider, to development of battery storage for renewable energy facilities, and green hydrogen in the South-East Asian country.

Explored market entry into Thailand through an MoU with government and state-owned authorities to explore green hydrogen and derivatives projects in the Southeast Asian country.

Signed a landmark Power Purchase Agreement with Badeel, a Public Investment Fund company, to develop a 2.06GW solar photovoltaic in Saudi Arabia, which will be the largest facility of its kind in the Middle East.

Deepened relationships with Chinese firms through a series of MoUs with nine Chinese entities that will lay the ground for financing, investment, and construction of ACWA Power’s global clean and renewable energy projects in Saudi Arabia and Belt and Road Initiative countries.

Inked power purchase and investment agreements with the government of Uzbekistan to develop the 1.5 GW Kungrad wind farm in the Republic of Karakalpakstan. The project will include a battery storage system and is the largest single site wind facility in Central Asia.

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

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

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.

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

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

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.

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.

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.

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.

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.

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.

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.

Announced the financial close for the 1500 MW Sudair Solar plant, one of the largest single contracted PV plants in the world, in a joint investment with PIF, ACWA Power and Saudi Aramco.

Inaugurated the 300MW first stage of 900 MW Shuaa Energy 3 PSC, the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai.

Signed asset acquisition agreements with Aramco, Air Products (NYSE: APD) and Air Products Qudra to finance the US$ 12 billion air separation unit (ASU)/gasification/power joint venture (JV) in Jazan Economic City, Saudi Arabia.

Launched the second edition of “The Power is Within You”, a nation-wide initiative that invites youth in Saudi Arabia to ideate, develop and implement their product, service or technological innovations in the power and water sectors.

Went public on the Saudi Stock Exchange (Tadawul) after a highly successful offering targeting institutional and retail investors. The company’s shares are now traded on the Main Market of the exchange under the ticker symbol ACWA POWER.

Announced the financial close for the Jazan integrated gasification combined cycle (IGCC) project via US$ 7.2billion senior debt facilities through a diverse mix of local, regional, and international banks and financial institutions.

Finalized project agreements for the 100MW Nukus wind project in the Republic of Uzbekistan. Valued at US$ 108 million, the Nukus wind farm is in the Karakalpakstan region, in North-western Uzbekistan. This project is Uzbekistan’s first publicly tendered wind project.

Expanded geographic print by entering the Azerbaijani market.

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

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

Signed three milestone agreements with the Ministry of Energy of Uzbekistan.

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

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

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

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

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

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.

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

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

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

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.

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

Inaugurated Nujood Medical Center in Saudi Arabia.

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

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

Signed the senior financing agreements for the US$ 650 million Jubail-3A IWP.

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 Energy Development GmbH.

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.

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.

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.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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.

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

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

Inked MoU for 3,600 MW gas plant in Bangladesh.

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

Signed the PPA for 200 MW Kom Ombo Plant in Egypt.

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

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

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

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

Commenced commercial operations at Risha PV in Jordan.

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

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

Achieves financial close of three solar PV projects in Egypt.

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

Named the first utility-scale generator to adopt SolarCoin.

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

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

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

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

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

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

Inauguration of 120 MW Khalladi Windfarm in Morocco.

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%.

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.

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

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.

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

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 expanded to include 250 MW of photovoltaic panels to generate a total of 950 MW.

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

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

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

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

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 with record-low tariff.

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

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.

ACWA Power officially inaugurates Kirikkale Power Plant in Turkey.

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

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

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 in Oman producing 3,219 MW.

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 for 60.3 MWp Solar PV IPP in Jordan.

Successful bid for Shuaa Energy PV IPP in Dubai, UAE.

Successful bid for Salalah 2 IPP, Oman.

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

Achieved Financial Close for Shuaa Energy 1 PV IPP, UAE.

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

Commenced construction for Bokpoort CSP IPP, South Africa.

Commenced construction for NOORo I in Ouarzazate, Morocco.

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

Commenced construction for Al Mourjan IPP, Saudi Arabia.

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

Rabigh IPP commences commercial operations, Saudi Arabia.

Successful bid for Al Mourjan IPP, Saudi Arabia.

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

Achieved Financial Close for Hajr IPP, Saudi Arabia.

Increased the effective stake in CEGCO, Jordan.

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

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

Increased effective shareholding in NOMAC by 35%.

Signed the PPA for Hajr IPP, Saudi Arabia.

Closed acquisition of CEGCO, Jordan.

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

Inaugural Corporate murabaha facility US$ 300m closed.

Barka 1 IWPP completely integrated into ACWA Power portfolio.

Successfully bid and achieved financial close of Rabigh IPP, Saudi Arabia.

ACWA Power formed with c. US$ 800 mn capital.

Bowarege IWPP and Petro-Rabigh IWSPP commence commercial operations.

ACWA Power added Shuaibah Expansion IWP, Saudi Arabia.

Achieved financial close of Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia.

Achieved financial close of Shuaibah IWPP and PetroRabigh IWSPP, Saudi Arabia.

Successful bids for Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia.

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

ACWA Power Projects formed in 2004 – the forerunner of ACWA Power.