“Green” hydrogen is a zero-carbon fuel made by electrolysis, using renewable power from wind and solar to split water into hydrogen and oxygen. LONDON: Seven companies, including developer ACWA Power and Spanish utility Iberdrola , have formed a joint initiative to scale up production of “green” hydrogen in the next six years and bring down […]
Saudi Government Raises Ownership to Half of Global Solar Leader ACWA Power
CAIRO/DUBAI : The Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, said on Thursday it has increased its stake in ACWA Power to 50% from 33.6% as part of a move to support the renewable energy sector in Saudi Arabia. ACWA Power is planning an initial public offering and leads a consortium that will […]
Saudi Arabia’s PIF increases stake in ACWA Power
Saudi Arabia’s Public Investment Fund (PIF) has raised its shareholding in renewable energy developer ACWA Power. The sovereign wealth fund has taken its stake from 33.36% to 50% to ensure the Riyadh-based power company plays “an integral role” in developing the state-owned wealth fund’s renewable energy interests, it said. In a statement, the PIF said […]
Saudi Arabia’s Acwa Power Set to Raise $1 Billion in Sukuk Sale
Saudi Arabia’s Acwa Power International, half-owned by the kingdom’s sovereign wealth fund, is planning to raise about $1 billion by selling Islamic bonds early next year, according to people familiar with the matter. The company, one of the largest developers of power plants in the Middle East, has appointed the Saudi unit of HSBC Holdings […]
UPDATE 1-Saudi fund raises ownership stake in ACWA Power to 50% -statement
CAIRO/DUBAI: The Public Investment Fund, Saudi Arabia’s sovereign wealth fund, said on Thursday it has increased its stake in ACWA Power to 50% from 33.6% as part of a move to support the renewable energy sector in Saudi Arabia. ACWA Power is planning an initial public offering and leads a consortium that will build and […]
Saudi Arabia’s Red Sea signs utilities deal with ACWA Power led consortium
The multi-billion dollar project will entail developing luxury resorts on 22 islands off the coral-fringed Red Sea coast and six inland sites, covering an area of 28,000 square kms, the size of Belgium. DUBAI: The Red Sea Development Co (TRSDC) said on Monday it has awarded a contract to build and operate renewable power-based utilities […]
South Africa’s Bokpoort CSP plant breaks African record for around the clock operation
Johannesburg, South Africa: ACWA Power, a leading Saudi Arabian developer, investor and operator of power generation and desalinated water plants and lead shareholder in the Bokpoort CSP Plant, announced today that the Bokpoort CSP plant has become the first renewable facility on the continent to complete a full week of continuous round the clock operation. […]
ACWA Power signs financing agreements for solar project in Dubai
Saudi Arabian energy company ACWA Power has signed financing agreements for the 900MW Shuaa Energy 3 PSC project in Dubai. The project is the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park. The project will feature bi-facial panels with tracking technology. Shuaa Energy 3 PSC is a special purpose vehicle (SPV) created […]
ACWA Power announces the successful signing of financing agreements for the 900MW Solar PV fifth phase of MBR Solar Park
Summary Dubai, United Arab Emirates: ACWA Power, a leading Saudi Arabian developer, investor and operator of power generation and desalinated water plants, completed the signing of all financing agreements of the 900MW solar PV project, Shuaa Energy 3 PSC, which is the fifth phase of the Mohammed bin Rashid Al Maktoum Solar Park in Dubai. Shuaa Energy […]
Acwa Power appoints Shanghai Electric as EPC contractor for fifth phase of Dubai solar park
Saudi Arabia’s Acwa Power appointed Shanghai Electric as the engineering, procurement and construction (EPC) contractor for the fifth phase of the Mohammed bin Rashid Solar Park in Dubai. The 900 MW photovoltaic plant, which has a project value of $564 million (Dh2.07 billion), is the first utility scale solar power plant to operate remotely with […]