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The Latest Breaking News from ACWA Power

Saudi PIF to Inject $266 Bn into New Projects

The Saudi Public Investment Fund invested nearly $1.3 billion in four national companies in the contracting sector during the last period, announced Governor Yasser al-Rumayyan. Rumayyan announced the establishment of a general department for national development to determine the strategic directions in economic development and measuring impact. The group launched…

Asharq Al-Awsat

Moody’s Upgrades Saudi Economy Growth Forecast

Global credit rating agency Moody’s has raised the Kingdom’s growth forecast to 2.5 percent for the current year from its last estimation of 1.7 percent, backed by moderate levels of debt and large financial reserves, in addition to its huge oil reserves. For next year, it has elevated the expansion…

Asharq Al-Awsat

Saudi ACWA Power Signs Power Purchase, Investment Agreements for Wind Plant in Uzbekistan

Saudi Arabia's ACWA Power has signed power purchase agreements (PPAs) and investment agreements (IAs) with Uzbekistan’s government to develop the 1.5GW Kungrad wind farm, formerly referred to as the Karakalpakstan Wind Independent Power Producer (IPP). The wind farm shall comprise three 500MW wind power projects owned by three subsidiaries, namely…

Asharq Al-Awsat

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Saudi Energy Minister: OPEC+ Adopts Economic Approach that Keeps Politics Out

Saudi Energy Minister Prince Abdulaziz bin Salman said that the OPEC+ operated according to a purely economic perspective, without entering into political aspects and alliances. “OPEC+ operates from an economic position and does not get involved in political aspects,” he said on Sunday. The minister’s comments came during the sessions…

Asharq Al-Awsat

Saudi Arabia, China Forge Giant Partnerships in Energy, Chemicals and Construction

With the conclusion of Chinese President Xi Jinping’s official visit to Saudi Arabia, major Saudi companies working in the field of energy, chemicals and construction announced giant partnerships with China. - Refining and petrochemicals Saudi Aramco, one of the world’s largest integrated companies in the field of energy and chemicals,…

Asharq Al-Awsat

At Invitation of King Salman, Chinese President to Kick off Visit to Saudi Arabia on Thursday

Chinese President Xi Jinping will kick off an official three-day visit to Saudi Arabia on Thursday at the invitation of Custodian of the Two Holy Mosques King Salman bin Abdulaziz. The visit will boost the historic ties and strategic partnership between their countries. King Salman and Xi will preside over…

Asharq Al-Awsat

Factbox-Saudi-China energy, trade and investment ties

Saudi Arabia and China signed a series of agreements during President Xi Jinping's visit to the kingdom, demonstrating deepening ties between the two countries that Riyadh's traditional ally the United States is warily watching.

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PIF Secures Record-Breaking $17bn Senior Unsecured Term Loan

Badeel has announced a partnership to establish the largest solar photovoltaic plant in the region, while Saudi Arabia’s Public Investment Fund (PIF) announced that it has secured a $17 billion seven-year senior unsecured term loan (63.7 billion Saudi riyals). The loan is the largest-of-its-kind general corporate-purpose loan worldwide. While the…

Asharq Al-Awsat

Saudi's ACWA Power, Badeel to Develop Largest Solar Plant in Middle East

Saudi Arabia's private utility ACWA Power and a unit of the Public Investment Fund (PIF) on Wednesday signed agreements to develop the largest solar power plant in the Middle East, the Saudi Press Agency reported. The 2,060 megawatt project will be located in Al Shuaibah in Makkah province and is…

Asharq Al-Awsat

ACWA Power to Collaborate with Indonesia’s Pertamina to Energize Tuban Refinery

Saudi Arabia’s ACWA Power and Indonesia’s Pertamina New & Renewable Energy have signed a joint development agreement (JDA) to develop the core utilities supply for the Tuban Grass Root Refinery and Petrochemical Project. The agreement was signed by Dannif Danusaputro, CEO of PNRE, and Paddy Padmanathan, Vice Chairman and Chief…

Asharq Al-Awsat

ACWA Power, Oman Investment Authority Study Possibility of Wind Power Plant Project in Egypt

Saudi Arabia and Oman signed on Tuesday a memorandum of understanding to study the possibility of investing up to 10 percent in the development, construction, and operation of the 1.1 GW Suez wind power plant project, which is valued at $1.5 billion. Oman News Agency reported that Oman Investment Authority…

Asharq Al-Awsat

Saudi Arabia to Produce 10GW of Wind Energy in Egypt

Egypt and Saudi Arabia signed on Tuesday a memorandum of understanding for the implementation of a 10 gigawatt wind electric power project in Egypt. The MoU was signed between Saudi ACWA power company and Egypt’s New and Renewable Energy Authority and the Egyptian Electricity Transmission Company. The Saudi Press Agency…

Asharq Al-Awsat

Saudi Arabia, Uzbekistan Sign 13 Deals Worth $12 Bn

Saudi Arabia and Uzbekistan signed 13 agreements worth $12 billion, on the sidelines of the visit of Uzbek President Shavkat Mirziyoyev to Saudi Arabia, at the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud. The deals were signed on Wednesday between the Saudi…

Asharq Al-Awsat

Riyadh, Tashkent to Expand Cooperation in Tech, Petrochemical Industries

Ahead of the visit of Uzbek President Shavkat Mirziyoyev to Saudi Arabia, the embassy of Uzbekistan in Riyadh expected a rapid and dynamic development of bilateral cooperation between the two countries. Cooperation is expected in the fields of energy, information technology, telecommunications, health, biotechnology and agriculture, in addition to forestry,…

Asharq Al-Awsat

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Asharq Al-Awsat

Moroccan Minister of Industry: We will Cover 8% of UK's Electricity Needs

Moroccan Minister of Industry and Trade Ryad Mezzour said that his country was working to provide the United Kingdom with 8% of its total electrical needs, from low-cost renewable energy sources. In an interview with Asharq Al-Awsat on the sidelines of a visit to London, Mezzour emphasized the importance of…

Asharq Al-Awsat

Al Rumayyan: Carbon Trading Platform in Saudi Arabia is Evidence of Change

The presence of a carbon trading platform in Saudi Arabia is in itself evidence of change, said the governor of the Saudi Public Investment Fund (PIF), Yasir Al Rumayyan, confirming that mega projects in the Kingdom like NEOM are depending on green sources for their energy needs. Speaking at a…

Asharq Al-Awsat

NEOM Green Hydrogen Appoints Edmondson as CEO

The Board of Directors of "NEOM Green Hydrogen Company" (NGHC) has appointed David Edmondson as CEO of the company, which was recently launched as part of NEOM’s subsidiaries to contribute to the implementation of NEOM's strategic plans that reflect its comprehensiveness and future vision. NGHC is a joint venture between…

Asharq Al-Awsat

ACWA Power-led Consortium Reaches Financial Close for $1.302 Billion Red Sea Project

A consortium led by ACWA Power has reached financial close for the $1.302 billion Red Sea multi-utilities project in Saudi Arabia. ACWA Power, in consortium with China’s SPIC Huanghe Hydropower Development Company and Saudi Tabreed Cooling Company, reached financial close for the senior debt facilities for the project.

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Asharq Al-Awsat

ACWA Power Signs MoU with Saudi EXIM

ACWA Power, a leading developer, investor and operator of power generation, desalinated water and green hydrogen plants, signed on Monday a Memorandum of Understanding (MoU) with Saudi Export-Import Bank (Saudi EXIM). The agreement involves knowledge transfer in credit issuance, with the objective of facilitating and growing Saudi exports and overseas…

Asharq Al-Awsat

Oman Inaugurates $417 Mn Mega Solar Energy Project

Oman inaugurated Ibri 2, the first solar independent power project (IPP) to be launched under the country’s national renewable energy program and connected to the primary national grid. The project is located in the northwestern governorate of al-Dhahirah with an investment of $417 million, with a capacity of 500MW. It…

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