ACWA Power, a leading Saudi utility provider, has announced a significant capital influx of SR7.13 billion ($1.89 billion) to back its ambitious goal of tripling its assets under management by the year 2030. This substantial financial reinforcement is set to be actualized through rights issues, as disclosed in an announcement on the Tadawul stock exchange.
The strategic financial move is designed to support the company’s accelerated growth while ensuring sustained financial health. ACWA Power’s undertaking is in harmony with its principal mission to deliver dependable and cost-efficient electricity and desalinated water, contributing to the sustainable social and economic growth of communities and countries.
In line with these expansionary goals, ACWA Power projects a significant increase in its average annual equity investment from 2024 to 2030. The anticipated figures are projected to be in the range of $2 billion to $2.5 billion, marking a rise from the earlier estimate of $1 billion to $1.3 billion.
Recently in April, ACWA Power formed a strategic partnership with the International Renewable Energy Agency (IRENA) to propel the worldwide transition to sustainable energy. This alliance is focused on ramping up investments in renewable energy infrastructure, promoting green hydrogen innovation, solar potential, smart grid technology, and the interconnection of energy and water resources.
The partnership outlines a framework for both entities to foster financing for green energy projects, alongside enhancing the development, storage, distribution, transmission, and usage of renewable energy sources.
Moreover, the collaboration will give rise to joint workshops and seminars aimed at sharing industry-leading practices, building capabilities, and promoting awareness of the ongoing energy transition. Special attention will be directed towards engaging the youth, professionals, and the general public, utilizing IRENA’s extensive platforms and initiatives.
Marco Arcelli, the CEO of ACWA Power, underscored the importance of the alliance with IRENA, indicating it as a critical step in the company’s commitment to a greener, more sustainable energy landscape.
