Latest news with #AcwaPower


Bloomberg
11 hours ago
- Business
- Bloomberg
Saudi Plans Another Multibillion-Dollar Green Hydrogen Plant
Saudi Arabia's Acwa Power Co. plans to build the kingdom's second multibillion-dollar green hydrogen plant, despite struggles to sell output from the first project. Acwa Power has selected Tecnicas Reunidas SA and China's Sinopec Guangzhou Engineering to carry out a front-end engineering design contract for the project, the Madrid-based firm said in a trading notice on Saturday.


Zawya
19 hours ago
- Business
- Zawya
Acwa Power raises $1.9bln capital through new rights issue
Acwa Power, the world's largest private water desalination company, leader in energy transition and first mover into green hydrogen, has announced the successful completion of its SAR7.13 billion ($1.9 billion) rights issue, thus marking one of the largest capital increases in the history of the Saudi capital market. Despite the tight discount level and the volatile market of the recent months, the transaction drew exceptional investor interest, underscoring strong confidence in Acwa Power's growth trajectory and strategic vision, with an overall subscription of 96%, and a 6x over-subscription in the rump placement with an overwhelming majority going to international investors, said the utility major in a statement. The proceeds from the rights issue will be used to fund Acwa Power's growth in a bid to achieve its target of $250 billion of assets under management (AUMs) by 2030 from the current $7 billion, it stated. It will be deployed across Acwa Power's robust project development pipeline, including power, water desalination and green hydrogen projects, as well as selective M&A opportunities to complement our portfolio, it added. On the successful deal, Chief Financial Officer Abdulhameed Al Muhaidib said: "The overwhelming support we received in our capital raise is a resounding vote of confidence in our strategy, growth ambitions, and role in supporting Saudi Arabia's Vision 2030." Al Muhaidib said: "Acwa Power has a strong track record, having almost doubled the size of the company in the last 3 years, and we are deeply grateful for the trust and continued support of our shareholders to achieve our 2030 target." "We extend our sincere appreciation to the Capital Market Authority, the Saudi Stock Exchange, and all our transaction partners whose support and collaboration were instrumental to the success of this rights issue," he added. The total offering size amounted to SAR 7.125 billion, with 96.2% of the new shares subscribed during the subscription period. The rump offering, where the qualified institutional investors had the chance to bid for the remaining unsubscribed new shares, was oversubscribed by 592%, demonstrating significant interest from investors beyond the initial shareholder base. Acwa Power said foreign investors accounted for 97% of the allocated rump shares, thus reinforcing its strong appeal to the global investment community. In a first for the Saudi market, Acwa Power hosted a dedicated investor engagement event focused on the retail segment, which was attended by over 200 investors. This initiative highlighted the company's commitment to inclusivity, education, and long-term shareholder value. This successful offering not only reinforces Acwa Power's position but also contributes to Saudi Arabia's broader transition toward a sustainable and diversified energy future, it added. Copyright 2025 Al Hilal Publishing and Marketing Group Provided by SyndiGate Media Inc. (


Zawya
21-07-2025
- 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
20-07-2025
- 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
18-07-2025
- 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.