Latest news with #ACWAPowerCo.
Argaam
22-04-2025
- Business
- Argaam
ACWA Power secures SAR 750M loan from Alinma Bank for new headquarters
ACWA Power Co. announced that it has secured a SAR 750 million loan from Alinma Bank to finance the construction of its new headquarters in Riyadh. According to a company statement, the term of the Sharia-compliant financing facility extends over a period of seven years. The new headquarters will be built according to an advanced model of the highest standards of sustainable construction, including the application of "zero emissions" requirements to reduce the environmental footprint, the company said.
Argaam
06-04-2025
- Business
- Argaam
ACWA Power starts commercial ops at Uzbekistan's 2 wind power plants
ACWA Power Co. received notifications, on April 3, from the project companies of both the 500 megawatts (MW) Dzhankeldy Wind Farm and the 500 MW Bash Wind Farm in Uzbekistan, confirming the issuance of commercial operation certificates for their full production capacity, according to a Tadawul statement.
Argaam
20-02-2025
- Business
- Argaam
ACWA Power, SEC sign SAR 13.4B PPA for Qurayyah station project
Qurayyah IPP Power Project Saudi Electricity Co. and ACWA Power Co. signed on Feb. 19. a power purchase agreement (PPA), with Saudi Power Procurement Co. (SPPC) – the primary buyer – to purchase power for Qurayyah IPP Power Project expansion project using a combined cycle system. In separate statements on Tadawul, the two parties stated that the project, located in Saudi Arabia's Eastern Province, has a production capacity of 3,010.3 megawatts and is prepared for the construction of a carbon capture unit. The contract is valued at SAR 13.4 billion, with each company holding approximately a 40% stake in the project. The contract duration is 25 years, starting from the anticipated commercial operation date of the entire plant. The contract covered the development, financing, construction, ownership, and operation of a gas-fired power plant utilizing a combined cycle system, as well as the development, financing, construction, and then transferring ownership of a 380-kilovolt transformer station. Both parties stated that the financial impact will be determined upon the completion of the financial closing, expected in the second quarter of 2028. They also noted the presence of related parties to the agreement, represented by the two companies.
Argaam
19-02-2025
- Business
- Argaam
ACWA Power acquires power generation, water desalination assets worth SAR 2.6 Billion
ACWA Power Co. signed an agreement to complete the acquisition of power generation assets (4.6 GW combined cycle) and water desalination assets (1,114k m3/day), along with related operation and maintenance companies, from Kahrabel FZE, a subsidiary of the French company Engie, in both Kuwait and Bahrain, with a total value of SAR 2.59 billion (USD 693 million).
Argaam
18-02-2025
- Business
- Argaam
ACWA Power pens SAR 8.6B deal for Egypt's Hurghada wind project
Saudi Minister of Energy Prince Abdulaziz bin Salman announced that ACWA Power Co. signed a power purchase agreement (PPA) with the Egyptian Electricity Transmission Co. for a 2-gigawatt wind energy project in South Hurghada. The project, the largest of its kind in Egypt, is estimated to cost SAR 8.6 billion. The project, the largest of its kind in Egypt, is estimated to cost SAR 8.6 billion, the minister said at the Egypt Energy Show (EGYPES 2025). He added that five renewable energy projects were implemented by Saudi companies in Egypt, leveraging solar and wind power. The projects were carried out by ACWA Power, Alfanar, FAS, and MOWAH, with a combined capacity of 1.696 GW and total investments of approximately SAR 6.2 billion. He also stressed that the Saudi-Egypt Electricity Interconnection Project is a significant step toward regional cooperation, with a SAR 6.7 billion investment and the ability to exchange 3,000 megawatt (MW) of electricity between the two nations once completed. Further, the minister said an implementation plan for energy efficiency between Saudi Arabia's Ministry of Energy and Egypt's Ministries of Petroleum & Mineral Resources and Electricity & Renewable Energy was signed. The plan aims to establish a national energy efficiency program, with Saudi Arabia contributing its expertise, technical support, and regulatory guidance. The collaboration will also focus on capacity building, public awareness, and the development of the energy services sector.
