ACWA Power

Last updated
ACWA Power
TypePrivate company
IndustryElectricity
Founded2004
Headquarters
Riyadh
,
Saudi Arabia
Key people
  • Mohammad Abdullah Abunayyan (Chairman)
  • Raad E. Al-Saady (Vice Chairman and Managing Director)
  • Marco Arcelli (Chief Executive Officer)
ProductsElectric power
water
Number of employees
4,000
Website acwapower.com

ACWA Power is a developer, investor, co-owner and operator of a portfolio of power generation and desalinated water production plants with a presence in 12 countries across the Middle East, Africa, Central and South-East Asia. ACWA Power's portfolio of projects in operation and development has an investment value of USD 82.8 billion, and a capacity of 53.7 GW of power and 7.6 million m3/day of desalinated water. [1]

Contents

Its energy portfolio includes efficient combined cycle power plants, [2] solar (Photovoltaic (PV) and Concentrated Solar Power (CSP)), [3] wind, [4] desalination plants, [5] and green hydrogen projects. [6] [7]

Background

Headquartered in Saudi Arabia, ACWA Power maintains regional offices in Riyadh, Jeddah, Dubai, Baku, Beijing, Cairo, Addis Abbaba, Jakarta, Amman, Rabat, Johannesburg, Istanbul, Tashkent, and Hanoi. [8] It invests in, develops, co-owns and operates a portfolio of 77 projects with the capacity to generate 53.7 GW of power and produce 7.6 million m3/day of desalinated water. [1] ACWA Power and its subsidiary operating companies employ over 4,000 people in projects in 12 different countries. [9]

Structure

ACWA Power's board of directors is chaired by Mohammad Abdullah Abunayyan, [10] with Raad Al Saady as its Vice Chairman and Managing Director, [11] and Marco Arcelli as its CEO. [12]

History

In 2002, the Government of the Kingdom of Saudi Arabia changed the regulations so that the private sector was permitted to own and operate utilities such as water and power plants.

The company was founded in its current form in 2008 and succeeded ACWA Power Projects, a joint venture between ACWA Holding (representing the Abunayyan Holding Company and Al-Muhaidib) and the MADA Group for Industrial and Commercial Development founded in 2004 to take advantage of these new private sector investment and operation opportunities in the Saudi Arabian market. [13]

From 2004 to 2011, ACWA Power focused primarily on Saudi Arabia, and was awarded contracts for the Shuqaiq and Marafiq Integrated water and power plants. [14] [15] [16] [17] The company began its current phase of international expansion in 2011 with the acquisition of Central Electricity Generating Company (CEGCO) Jordan [18] [19] [20] and the signature of a joint development agreement for the Kirikkale Combined Cycle Gas Turbine project in Turkey, which subsequently won backing from the European Bank for Reconstruction and Development (EBRD). [21] The company has since expanded throughout the world, although its core holdings remain the MENA region.

The Public Investment Fund announced in November 2020 that it has increased its stake in ACWA Power to 50% from 33.6%. [22]

Northern Cape Premier Mrs Sylvia Lucas visits Bokpoort CSP apprentices to get feedback on Apprenticeship Program 20160226 110259 Northern Cape Premier&Apprentices.jpg
Northern Cape Premier Mrs Sylvia Lucas visits Bokpoort CSP apprentices to get feedback on Apprenticeship Program

Bokpoort Independent Power Project, South Africa

Noor I, II, III, IV Ouarzazate, Morocco

The Noor solar complex with 580 MW solar CSP and PV near Ouarzazate is the largest in the world in 2019. [32] ACWA was involved in all 4 plants.

Nam Dinh, Vietnam

Hassyan, UAE

Sheikh Mohammed bin Rashid al-Maktoum Solar Park, Dubai

Redstone Solar Thermal Power Project, South Africa

As of 2022 the plant is under construction and scheduled for completion in Q4 2023. [82]

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References

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  2. ↑ "Saudi ACWA Power's assets expected to reach $230bn by 2030: CEO". Arab News. November 3, 2022.
  3. ↑ "Saudi Arabia's ACWA Power shifts toward renewable energy". Reuters. October 22, 2014.
  4. ↑ "ACWA Power installs first wind turbine in Uzbekistan". Arab News. August 9, 2023.
  5. ↑ "Saudi Arabia's Acwa Power to develop $677.3 million desalination project on Red Sea coast". The National. April 14, 2023.
  6. ↑ "Saudi Arabia's Acwa Power Eyes Three More Giant Hydrogen Plants". Bloomberg. March 2, 2023.
  7. ↑ "Company Overview of ACWA Power International". Bloomberg L.P. Retrieved 23 August 2023.
  8. ↑ "Integrated Annual Report 2022". ACWA Power. 2022.
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