Latest news with #IWPP
Observer
15-04-2025
- Business
- Observer
OQAE to get 25% stake in future renewable projects in Oman
MUSCAT: Underscoring its mandate as the National Champion for Renewable Energy, OQ Alternative Energy (OQAE) has secured a commitment to receiving a stake of up to 25 per cent in all future renewable energy projects procured by Nama Power and Water Procurement Company (PWP) – the sole procurer of all new power and water capacity in Oman. This commitment will cover all future solar and wind projects (and potentially other alternative energy schemes as well) starting with the Ibri III Solar PV project – a 500 MW scheme slated for implementation in Al Dhahirah Governorate. Parent company OQ – the wholly state-owned global integrated energy group of the Sultanate of Oman – made the revelation in its newly published 2024 Annual Report. It said: '... OQAE secured up to 25 per cent stake in all future renewable energy projects floated by Nama Power and Water Procurement (NPWP), who is the single procurer of power and water capacity in the Sultanate of Oman, starting with 'Ibri –III' solar PV project with a capacity of 500 MW.' Under current laws governing the procurement of Independent Water / Power Projects (IWPP / IPPs) in Oman, developers can own up to 100 per cent of the share capital in the founding company that successfully bids for an IPP, IWP or IWPP. However, the founding company is required to, within four years of its incorporation, offer 35 per cent of its share capital for public subscription via an Initial Public Offering (IPO) on the local bourse. Industry experts point out that a stake of up to 25 per cent now earmarked for OQAE is expected to be carved out from this share slated for public subscription. In its report, OQ emphasized OQAE's strategic role in driving Oman's energy transition. 'OQ Alternative Energy (AE) serves as the cornerstone of OQ's energy transition efforts and a catalyst to achieve the national objectives for carbon neutrality by 2050. This is aligned with Oman's Vision 2040. Appointed by the government as 'The National Champion for Renewable Energy', OQAE is committed to placing decarbonisation at the heart of its strategy, focusing on the decarbonisation of OQ assets and, ultimately, the decarbonisation of Oman.' According to the parent company, OQAE is actively advancing renewable energy projects, with over 7 GW of energy initiatives in its pipeline. They include projects designed to support the decarbonisation of OQ Group subsidiaries and affiliates, as well as industries operating in Suhar, Duqm and elsewhere. In line with its mandate as National Champion, OQAE is also supporting Petroleum Development Oman (PDO) in the decarbonisation of its oilfield operations. In 2024, OQAE signed long-term Power Purchase Agreements (PPAs) with PDO covering the output of three upcoming, mid-scale renewable projects under development within the latter's Block 6 concession. The projects concerned are the 100MW North Solar, and Riyah-1 and Riyah-2 wind schemes each of 100 MW capacity. Also notable is OQAE's significant role in fostering the growth of Oman's ambitious green hydrogen industry. The company is a strategic partner in three of the eight green hydrogen projects firmed up for implementation so far. In 2024, OQAE onboarded BP as a partner in the Hyport Duqm project, which targets the initial production of 60,000 tonnes of green hydrogen, corresponding to 330,000 tonnes of green ammonia every year. This output will support the energy transition of the transportation and heavy industry sectors.
Trade Arabia
07-04-2025
- Business
- Trade Arabia
SWPC kicks off ops at Shuaibah 3 project ahead of schedule
Saudi Water Partnership Company (SWPC) has achieved a major milestone with the commencement of full desalinated water pumping at the Shuaibah 3 Conversion Station, 50 days ahead of schedule. The project involves the conversion of existing independent water and power plant (IWPP) project in Shuaibah region of the kingdom into a desalination plant based on the Independent Water Plant (IWP) model. It is the first conversion project from Multi-Stage Flash (MSF) desalination technology to sea water reverse osmosi (SWRO), which in line with the KSA vision 2030 in terms of achieving Zero carbon emissions, fuel saving and increased plant availability. With a production capacity of up to 600,000 cu m per day, the station will feed the water transmission system covering the Jeddah and Makkah regions. The project has been implemented by a consortium led by Saudi utility major Acwa Power (with a 68% equity stake) along with its key member Water and Electricity Holding Company (Badeel). According to SWPC, a new 25-year water purchase agreement (WPA) valued at nearly SAR3 billion had been sealed in 2022 with the Acwa Power-Badeel consortium.
Zawya
19-03-2025
- Business
- Zawya
ACWA Power partners Malaysian firm to develop power and water projects in Malaysia
ACWA Power is partnering with Malaysian firm UEM LESTRA to conduct a feasibility study for developing independent water and power plant (IWPP) projects in Malaysia. The feasibility study, expected to take between six to 12 months, will explore the possibility of powering the IWPP facilities with combined cycle gas turbine solutions, ground mounted or floating large scale solar farms equipped with battery storage systems, or a combination of both, according to Linkedin posts by both companies. It will also look at desalination plants based on sea water reverse osmosis (SWRO) technology producing between 200,000 to 400,000 cubic metres per day (m3/day) targeted for industrial use. Last year, ACWA Power had expressed interest to invest $10 billion in renewable energy projects in Malaysia over the next 10 years. (Writing by Sowmya Sundar; Editing by Anoop Menon) (
Arabian Business
20-02-2025
- Business
- Arabian Business
ACWA Power expands in Gulf with $693mn deal for Bahrain, Kuwait assets
ACWA Power announced the signing of a Share Purchase Agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire the latter's stakes in some of the assets in the region. The acquisition, estimated at a cost of $693 million, encompasses operating capacities of 4.61GW of gas-fired power generation and 1.11 million cubic meters per day (m3/day) of water desalination facilities, as well as the related operations and maintenance companies in Kuwait and Bahrain. Under the terms of the agreement, ACWA Power will acquire ENGIE's shares in the four key operating assets. This includes an 18 per cent stake in the Az Zour North (IWPP) in Kuwait, alongside 45 per cent stakes in both the Al Ezzel (IPP) and Al Dur (IWPP) projects, as well as a 30 per cent stake in the Al Hidd (IWPP) facility, all situated in Bahrain. ACWA Power will also acquire a portfolio of companies responsible for the operation and maintenance of the four assets, specifically Az Zour North O&M Company (50 per cent stake) and Al Ezzel O&M Company (100 per cent stake). Marco Arcelli, Chief Executive Officer of ACWA Power, said the acquisition represents a pivotal milestone for ACWA Power, reinforcing its position as a global leader in water desalination. 'We consolidate our presence in Bahrain where we are already a reliable supplier of power and water, and we enter Kuwait, where we recently submitted a bid for a large power and desalination plant,' he said. Thomas Brostrom, Chief Investment & Development Officer of ACWA Power, said the secured contracted revenue streams from the acquired assets reinforce the company's broader strategy of tripling its assets under management to $250 billion by 2030.
Trade Arabia
19-02-2025
- Business
- Trade Arabia
Acwa Power buys Bahrain, Kuwait strategic utility assets for $693m
Acwa Power, the world's largest private water desalination company, leader in energy transition, and first mover into green hydrogen, has announced the signing of a share purchase agreement with the regional subsidiary of French utility developer Engie, to acquire prime assets in key GCC markets of Bahrain and Kuwait for $693 million. This strategic acquisition encompasses operating capacities of 4.61GW of gas-fired power generation and 1.11 million cu m/day of water desalination facilities as well as the related operations and maintenance companies in these countries. Under the terms of the agreement, Acwa Power will buy Engie's shares in the four key operating assets. This includes an 18% stake in the Az Zour North (IWPP) in Kuwait, alongside 45% stakes in both the Al Ezzel (IPP) and Al Dur (IWPP) projects, as well as a 30% stake in the Al Hidd (IWPP) facility, all situated in Bahrain, said the company in a statement. The Saudi utility major will also take over a portfolio of companies responsible for the operation and maintenance of the four assets, specifically Az Zour North O&M Company (50% stake) and Al Ezzel O&M Company (100% stake). Completion of the transaction is subject to customary regulatory and other stakeholder approvals, it added. On the strategic move, CEO Marco Arcelli said: "This acquisition represents a pivotal milestone for Acwa Power, reinforcing our position as global leader in water desalination. We consolidate our presence in Bahrain where we are already a reliable supplier of power and water, and we enter Kuwait, where we recently submitted a bid for a large power and desalination plant." "Reinforcing our presence in each country will allow us to further develop our people there and localise our operations more, providing safe and reliable supplies to the local communities and industries," he stated. Thomas Brostrom, Chief Investment & Development Officer of Acwa Power, said: "By making its inaugural entry into the Kuwaiti market through the acquisition of a stake in the Az-Zour North Facility, Acwa Power has achieved a significant milestone in its strategic efforts to expand its presence within the regional energy and water desalinations sector." The secured contracted revenue streams from the acquired assets reinforce Acwa Power's broader strategy of tripling its assets under management to $250 billion by 2030.
