ACWA Power

Last updated
ACWA Power
Company typePrivate company
IndustryElectricity
Founded2004
Headquarters,
Saudi Arabia
Key people
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 13 countries across the Middle East, Africa, and central and southeast Asia. ACWA Power's portfolio of projects in operation and development has an investment value of USD 85.7 billion, and a capacity of 55.1 GW of power and 8 million m3/day of desalinated water. [1]

Contents

Its energy portfolio includes thermal power plants, [2] solar power plants (photovoltaic (PV) and concentrated solar power (CSP)), [3] wind, [4] water 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, Muscat, Johannesburg, Istanbul, Tashkent, and Hanoi. [8] It invests in, develops, co-owns and operates a portfolio of 82 projects with the capacity to generate 55.1 GW of power and produce 8 million m3/day of desalinated water. [1] ACWA Power and its subsidiary operating companies employ around 4,000 people in projects in 13 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 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 originally founded in 2004 as ACWA Power Projects, a joint venture between ACWA Holding (representing the Abunayyan Holding Company and Al-Muhaidib, today known as Vision International Investment Company) and the MADA Group for Industrial and Commercial Development (today know as Al Rajhi Group Holding) to take advantage of these new private sector investment and operation opportunities in the Saudi Arabian market. The company was reorganised in 2006 in its current legal form as ACWA Power Company. [13] From 2004 to 2011, ACWA Power focused primarily on Saudi Arabia, and was awarded contracts for several thermal power projects – including the Shuaibah IWPP, Shuqaiq 2 IWPP, Rabigh IPP and Marafiq IPP. [14] [15] [16] [17] The company began international expansion in 2011 with the acquisition of Central Electricity Generating Company (CEGCO) in Jordan, 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). [18] [19] [20] [21] The company has since expanded to presently 13 countries covering the Middle East, Africa, Central Asia and Asia. [22]

The Public Investment Fund, the sovereign wealth fund of Saudi Arabia, acquired a 15% stake in ACWA Power in 2018, and has since increased that to the current 44% shareholder. [23]

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

Sakaka IPP, Saudi Arabia

Bokpoort Independent Power Project, South Africa

Noor I, II, III, IV Ouarzazate, Morocco

The Noor solar complex with 510 MW solar CSP and 135 MW solar PV capacity near Ouarzazate, Morocco, was the largest CSP complex in the world in 2019. [35]

Sheikh Mohammed bin Rashid al-Maktoum Solar Park, Dubai

Redstone Solar Thermal Power Project, South Africa

The Red Sea Project, Saudi Arabia

Taweelah IWP, UAE

Hassyan IWP, UAE

Neom Green Hydrogen Project

Uzbekistan Green Hydrogen

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