PROJECTS: ACWA Power to boost project share to $2.5bln annually

First published: 07-Jul-2025 08:33:05

Staff Writer

Saudi-listed power and water projects giant ACWA Power is planning to expand its contribution to projects in the next years to up to $2.5 billion annually following its decision to raise capital by 7.1 billion Saudi riyals ($1.9 billion) through rights issue, an executive has said.

The recent Board decision to expand capital is also designed to support a long-term growth strategy which targets tripling its assets under management to nearly $250 billion by 2030, said Abdul Hamid Al-Muhaidib, ACWA Power’s CFO.

“That decision also aims to strengthen our financial position to support the expected expansion in our investments, especially in high growth sectors like renewable energy, water desalination and green hydrogen,” he told the Saudi daily Aliqtisadia.

“With these expansions, we expect our contribution to new projects to increase to $2-2.5 billion annually during 2024-2030 compared with $1.3 billion in previous years.”

Al-Muhaidib said key markets include Saudi Arabia besides southeast Asia and China, adding that ACWA Power aims to surpass 175 gigawatts (GW) production in its energy projects.

“As for green hydrogen, we expect our production to reach one million tonnes when the projects under way are completed by 2030…we also expect an additional one million tonnes from new projects during this period,” he said.

In June 2025, Zawya Projects had reported that the company intends to spend 53 to 60 percent of the proceeds from its rights issue on projects in the Middle East and North Africa (MENA) region.

(Writing by Nadim Kawach; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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