Saudi-based ACWA Power, known for its initiatives in the renewables, green hydrogen, and water desalination sectors, has announced a significant financial achievement of $14 billion in the past year. This accomplishment, marking the largest financial closure in the company’s history, resulted from ten projects spanning across Saudi Arabia, Egypt, and Uzbekistan. Notably, the $8.5 billion green hydrogen facility in NEOM, touted as the world’s largest, was a substantial part of ACWA Power’s success over the year. ACWA Power’s CFO, Abdulhameed Al-Muhaidib, noted that the past 12 months represent a historic milestone for the company and reflect their agility and unwavering commitment to sustainability, as well as the trust placed in them by investors and partners. The company reached financial closure on projects like the Ar Rass photovoltaic project, Al-Shuaibah 1 and 2 solar PV projects, and advanced several wind and solar projects, demonstrating accelerated development in the global energy transition.
ACWA Power currently has 75 assets in various stages of development or operation across regions including the Middle East, Africa, Central, and Southeast Asia. The company anticipates continued growth in the coming years as governments worldwide recognize the economic advantages of shifting to sustainable energy methods. In the near future, ACWA Power plans to explore more opportunities and collaborations that align with its mission, aiming to expand its domestic and international presence.