Latest news with #Acwa
The Star
3 days ago
- Business
- The Star
Acwa Power eyes US$10bil of Malaysia renewable projects
Saudi utility Acwa Power Co. signed non-binding agreements with Malaysian firms, including to explore development of about 13 gigawatts of power generation capacity, totaling $10 billion in investments by 2040. Acwa's collaborations will include renewable energy, green hydrogen and advanced water solutions, it said in a statement. One of the world's largest private water desalination companies, Acwa signed the agreement with the Malaysian Investment Development Authority on Thursday. The collaboration aims to support Malaysia's goal of increasing installed renewable energy capacity to 70% by mid-century, the company said. The Southeast Asian nation is aiming to phase out coal power by 2044 and achieve net zero by 2050. Acwa will undertake joint feasibility studies on floating solar farms and large-scale water desalination with state-controlled utility Tenaga Nasional Berhad and others, the statement added. Historically, Malaysia has relied on coal, gas and hydro for its power needs, according to BloombergNEF. The country, one of the world's top liquefied natural gas exporters, is also considering expanding imports of the fuel to meet surging power demand. - Bloomberg
Zawya
25-04-2025
- Business
- Zawya
ACWA Power secures $200mln funding for new Saudi HQ
Acwa Power, a key private water desalination company, a leader in energy transition and first mover into green hydrogen, has announced that it has secured a SAR750 million ($200 million) shariah-compliant term loan facility from Saudi bank Alinma Bank. Acwa Power said the seven years facility will be used to fund the development of its new corporate headquarters coming up in Riyadh. The sizeable financing underscores Alinma Bank's confidence in Acwa Power's robust financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The loan agreement was signed by Abdulhameed Al Muhaidib, the Chief Financial Officer of Acwa, and Jameel Alhamdan, Chief Corporate Banking Officer of Alinma Bank. On the deal, Al Muhaidib said: "This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's ambitious goals for a cleaner, more prosperous future." Alhamdan said Alinma was proud to announce its role as the sole financier for the development of Acwa Power's new state-of-the-art, environmentally sustainable head office. "This landmark project aligns with both organizations' commitment to driving sustainability and innovation in the corporate sector and with the Kingdom's net zero strategy," he stated. "Acwa Power's new headquarters in Riyadh marks our commitment as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and enhance collaboration and innovation among teams," noted Alhamdan. "It will also provide an environmentally friendly workplace that enables the employees to perform their duties within a framework that promotes sustainability—creating an attractive environment for attracting and retaining top talent," he added. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
Trade Arabia
24-04-2025
- Business
- Trade Arabia
Acwa Power secures $200m funding for new Saudi HQ
Acwa Power, a key private water desalination company, a leader in energy transition and first mover into green hydrogen, has announced that it has secured a SAR750 million ($200 million) shariah-compliant term loan facility from Saudi bank Alinma Bank. Acwa Power said the seven years facility will be used to fund the development of its new corporate headquarters coming up in Riyadh. The sizeable financing underscores Alinma Bank's confidence in Acwa Power's robust financial standing and its strategic role in Saudi Arabia's Vision 2030 and energy transition goals. The loan agreement was signed by Abdulhameed Al Muhaidib, the Chief Financial Officer of Acwa, and Jameel Alhamdan, Chief Corporate Banking Officer of Alinma Bank. On the deal, Al Muhaidib said: "This financing from Alinma Bank highlights our strong financial position and the confidence the market has in our vision. Our new headquarters will be more than just a building; it will be a symbol of our commitment to innovation, sustainability, and the Kingdom's ambitious goals for a cleaner, more prosperous future." Alhamdan said Alinma was proud to announce its role as the sole financier for the development of Acwa Power's new state-of-the-art, environmentally sustainable head office. "This landmark project aligns with both organizations' commitment to driving sustainability and innovation in the corporate sector and with the Kingdom's net zero strategy," he stated. "Acwa Power's new headquarters in Riyadh marks our commitment as the local champion for energy transition, through a state-of-the-art facility specifically designed to unify the company's operations and enhance collaboration and innovation among teams," noted Alhamdan.
