ACWA Power Expands Global Renewable Energy Investments

Saudi utility firm ACWA Power continues to make significant strides in the renewable energy sector with a series of recent agreements and investments.

ACWA Power has signed a power purchase agreement with the National Electric Grid of Uzbekistan for the Aral 5-gigawatt wind power project valued at SR18.2 billion ($4.85 billion). The company will develop, own, operate, and transfer the wind farm over a 25-year contract term. Additionally, ACWA Power secured senior debt financing agreements for the Qassim 1 Combined Cycle Power Plant and the Taiba 1 Combined Cycle Gas Turbine in Saudi Arabia, each worth SR5.69 billion ($1.51 billion) with a 28-year term.

Furthermore, ACWA Power expressed interest in investing $10 billion in Malaysia over the next decade to collaborate on renewable energy projects with Cypark Resources Bhd. Malaysian Prime Minister Anwar Ibrahim confirmed the partnership, highlighting ACWA Power's commitment to developing renewable projects across various states in Malaysia.

In Azerbaijan, ACWA Power signed an agreement with SOCAR to enhance the state oil company's carbamide fertilizer facility and promote low-carbon products. The company also partnered with the International Renewable Energy Agency to accelerate the global adoption of clean energy, focusing on infrastructure investment, green hydrogen advancement, solar energy, and financing for renewable projects.

ACWA Power's strategic collaborations and investments underscore its dedication to advancing renewable energy solutions worldwide, positioning the company as a key player in the transition to a sustainable energy future.