Latest news with #AcwaPower
Zawya
2 days ago
- Business
- Zawya
Acwa signs Senegal renewable desalination project deals
Acwa Power has signed key project agreements with the Government of Senegal for the Grande-Côte seawater desalination project. The project, powered by renewable energy, is set to secure up to 400,000 m³ of potable water per day for Dakar and its surrounding areas. With a total investment of approximately $800 million, the Grande-Côte Project represents the largest desalination initiative ever undertaken in West Africa. The project will be delivered in two phases, each providing 200,000 m³/day of desalinated water. Financial close is expected to be achieved by 2026 and full commercial operations by 2031. The Grande-Côte Project is structured as a long-term partnership with SONES, aiming to strengthen Senegal's water infrastructure and resilience. Its full reliance on green electricity, sourced from Senegal's national grid through a dedicated supply agreement with state-owned electricity company SENELEC, positions it as one of the few large-scale desalination plants globally to operate entirely on renewable energy. Raad Al Saady, Vice Chairman and Managing Director of Acwa Power, commented: "The signing of these crucial agreements for the Grande-Côte seawater desalination project underscores Acwa Power's unwavering commitment to sustainable development and our role as a trusted partner in addressing global water challenges. We are incredibly proud to collaborate with the Government of Senegal and SONES to bring this vital infrastructure to fruition, securing a sustainable water future for Dakar and its communities, and setting a new benchmark for environmentally responsible desalination worldwide." The signing ceremony, held at the Presidential Palace in Dakar, saw the formalisation of the Public-Private Partnership (PPP) contract and the Accord de Soutien de l'État or Government Support Agreement (GSA).
The National
3 days ago
- Business
- The National
Acwa Power signs pacts to export renewable energy and green hydrogen to Europe
Saudi Arabia's Acwa Power has signed preliminary agreements to export renewable energy and green hydrogen to Europe under the India-Middle East-Europe Economic Corridor (IMEC) project. A multi-party deal was signed by Acwa Power with Italy's Edison, France's TotalEnergies Renewables, Zhero Europe from Netherlands and Germany's EnBW, Saudi Arabia's Ministry of Energy said on Sunday. "This deal establishes a collaborative framework to assess the market demand and feasibility of developing large-scale renewable energy projects dedicated for export in Saudi Arabia and the creation of a corridor to deliver generated electricity to Europe," it said. Acwa Power also signed individual pacts with companies involved in the development of electricity corridors, including technical consultant Cesi (Italy) and HVDC technology and cable providers Prysmian (Italy), GE Vernova, Siemens Energy (Germany) and Hitachi (France). "These agreements aim to develop advanced energy transmission corridors that enhance supply reliability and the efficiency of cross-border energy infrastructure," the ministry said. A joint development agreement was also signed with EnBW to collaborate on the first phase of the Yanbu Green Hydrogen Hub, which is planned to be ready for commercial operations by 2030. The hub seeks to be a fully integrated base with its own captive electricity generation from renewable sources, desalination plants to support its hydrogen electrolysis and ammonia conversion facilities, and an export terminal. The project leverages Saudi Arabia's potential to develop renewable energy at competitive rates and supply global industrial demand, the ministry said. The latest pacts, which were signed in Riyadh, are part of the IMEC, which was announced during the G20 summit in 2023. The project consists of an eastern route connecting India to the Gulf and a northern pathway connecting the Gulf to Europe. The cross-border, ship-to-rail transit corridors are expected to reduce shipping costs across the network and support trade in goods and services to, from and between the UAE, Saudi Arabia, India and Europe. The combined exports from these regions are projected to account for 44 per cent of global trade by 2030. Acwa Power, backed by Saudi Arabia's sovereign wealth fund, the Public Investment Fund, is one of the largest renewable energy developers in the Middle East. It currently has operations in 14 countries across the Middle East, Africa, and Central and South-east Asia. It is an investor in and operator of 101 power generation and water desalination projects in operation, construction and advanced development with an overall portfolio size of about $107.5 billion as of February. Last week, Saudi Arabia signed agreements worth more than 31 billion riyals ($8.3 billion) for seven renewable energy projects with an Acwa Power -led consortium to boost the kingdom's green energy capacity. In February, Acwa Power also signed a preliminary agreement with the German company Securing Energy for Europe (Sefe) to produce and supply green hydrogen to Europe. Under the pact, Acwa Power and Sefe will establish a hydrogen bridge between Saudi Arabia and Germany, with an initial target of supplying 200,000 tonnes of green hydrogen annually by 2030. Acwa Power will act as the lead developer, investor, and operator of green hydrogen and green ammonia production assets. Sefe will be a co-investor and the primary off-taker to market the green hydrogen to its German and European customers, the companies said at the time. The Saudi company is also a partner in the $5 billion Neom Green Hydrogen project, the world's largest, which is expected to be completed next year. The other venture partners are Neom and the US-based Air Products, which has secured an off-take agreement for all the green ammonia produced at the site.
Bloomberg
5 days ago
- Business
- Bloomberg
Senegal, Saudi Partner Ink New Desalination-Plant Deal After Cost Review
Senegal reached a new agreement with Saudi Arabia's Acwa Power to proceed with a desalination plant after a cost review, President Bassirou Diomaye Faye said. He canceled the contract, which was previously valued at $800 million, in July last year due to concerns over high costs, and announced the new pact in a Facebook post.
Zawya
14-07-2025
- Business
- Zawya
ACWA Power consortium signs $8.3bln Saudi renewable energy project deals
Saudi Principal Buyer has announced that it has signed power purchase agreements with a consortium led by Saudi utility major Acwa Power for seven new renewable energy projects worth a total of SAR31 billion ($8.3 billion). These deals fall within the National Renewable Energy Program, supervised by the Saudi Ministry of Energy. On completion, the projects will boast a total capacity of 15,000MW. Saudi Principal Buyer said the consortium will have Acwa Power as the main developer, with partners - Water and Electricity Holding Company (Badeel), owned by the Saudi sovereign fund PIF, and Aramco Power, owned by global oil giant Saudi Aramco. The signing ceremony was attended by Minister of Energy and the Board of Directors of the Principal Buyer Prince Abdulaziz bin Salman bin Abdulaziz Al Saud. Saudi Principal Buyer said of these seven renewable energy projects, five are photovoltaic (PV) solar projects: *Bisha Project in Aseer Region, with a capacity of 3,000MW and a levelized cost of energy (LCOE) of 4.83708 halalas/kWh (1.28989 US cents). *Humaij Project in Madinah Region, with a capacity of 3,000MW and an LCOE of 4.90682 halalas/kWh (1.30848 US cents). *Khulis Project in Makkah Region, with a capacity of 2,000MW and an LCOE of 5.10439 halalas/kWh (1.36117 US cents). *Afif 1 Project in Riyadh Region, with a capacity of 2,000MW and an LCOE of 4.74736 halalas/kWh (1.26596 US cents). *Afif 2 Project in Riyadh Region, with a capacity of 2,000MW and an LCOE of 4.72346 halalas/kWh (1.25959 US cents). The two wind energy projects are: *Starah Project in Riyadh Region, with a capacity of 2,000MW and an LCOE of 7.71422 halalas/kWh (2.05712 US cents). *Shaqra Project in Riyadh Region, with a capacity of 1,000MW and an LCOE of 6.99750 halalas/kWh (1.86600 US cents). Saudi Principal Buyer said the signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase. It confirms the kingdom's continued leadership in developing renewable energy infrastructure and achieving globally competitive costs of electricity production per kilowatt-hour, due to efficient financing and development models, as well as growing investor confidence in the Saudi investment environment. Saudi Principal Buyer has a major role in these projects as the key entity responsible for preparing feasibility studies, tendering electricity generation projects, and signing power purchase agreements with developer consortia. To date, the company has launched renewable electricity generation projects with a total capacity of 43,213 MW. Of these, power purchase agreements have been signed for projects with a total capacity of 38,713 MW, while 10,213 MW have already been connected to the grid. By the year end, the total capacity of grid connection is set to hit 12,713 MW and further soar to 20,013MW by 2026-end. -TradeArabia News Service Copyright 2024 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (
The National
13-07-2025
- Business
- The National
Saudi Arabia signs renewable energy deals worth $8.3bn with Acwa Power consortium
Saudi Arabia has signed agreements worth more than 31 billion riyals ($8.3 billion) for seven renewable energy projects with an Acwa Power -led consortium to boost the kingdom's green energy capacity. Power purchase agreements for new solar and wind energy projects with 15 gigawatts capacity signed by the state-owned company Principal Buyer in the presence of the Saudi Energy Minister Prince Abdulaziz bin Salman are part of the country's National Renewable Energy Programme, the Saudi Press Agency reported on Sunday. 'The signing of these agreements represents the largest capacity globally signed for renewable energy projects in a single phase,' SPA said. 'It confirms the kingdom's continued leadership in developing renewable energy infrastructure and achieving globally competitive costs of electricity production per kilowatt-hour, due to efficient financing and development models, as well as growing investor confidence in the Saudi investment environment.' Acwa Power is the main developer for the developments in partnership with the Public Investment Fund-owned Water and Electricity Holding Company (Badeel), and Aramco Power, a subsidiary of state-controlled oil and gas giant Saudi Aramco. Principal Buyer is responsible for preparing feasibility studies and tendering electricity generation projects, SPA added. So far, it has launched renewable electricity generation projects with a total capacity of 43 gigawatts. Of these, Principal Buyer has already signed power purchase agreements for projects with a capacity of 38 gigawatts. The remaining 10.21 gigawatts have already been connected to the national grid. Saudi Arabia expects the capacity connected to the grid to reach 12.7 gigawatts by the end of this year and rise to more than 20 gigawatts by the end of 2026. The solar deals signed on Sunday include a three-gigawatt Bisha project in Aseer, a three-gigawatt development in Madinah, the Khulis Project in Makkah with a capacity of two gigawatts, and Afif 1 and Afif 2 in Riyadh, each with a two-gigawatt capacity. The wind energy projects include two in Riyadh: the Starah development with a capacity of two gigawatts and the one-gigawatt Shaqra project, SPA reported. Backed by the PIF, Acwa Power is one of the largest renewable energy developers in the Middle East. It currently has operations in 14 countries across the Middle East, Africa, and Central and South-East Asia. It is an investor in and operator of 101 power generation and water desalination projects in operation, construction and advanced development with an overall portfolio size of about $107.5 billion as of February this year. The company has grown quickly over the years, capitalising on the rising demand of green energy in the Middle East and the 14 countries it operates in. Renewable energy generation in the Middle East is forecast to grow by about 14 per cent per year from now until 2027, with its share of the overall energy mix rising from 5 per cent to 7 per cent, according to the International Energy Agency. Beyond the region, Acwa Power is eyeing markets including China to further strengthen its global footprint. The company plans to grow its business in China despite concerns of a trade war with the US, chief executive Marco Arcelli said in March. The company has already entered China's renewable energy market with agreements for projects that will generate one gigawatt of electricity. By 2030, it aims to invest up to $30 billion in China – the world's largest renewable energy market – in line with its plans to triple its overall assets under management to about $250 billion. 'We take a long-term view, and we see China as a very strong economy,' Mr Arcelli told The National. 'China has a programme of installing 250-300 gigawatts of renewables per year, and the commitment there is very strong. The scale is such that even if, in theory, it slows down by 10 per cent, it is still a gigantic market.'
