Saudi Utility Firm ACWA Power to Increase Capital by $1.89 Billion
In a strategic move to triple assets under management by 2030, Saudi utility firm ACWA Power is gearing up to boost its capital by SR7.13 billion ($1.89 billion). This decision, announced through a Tadawul statement, aims to bolster the company’s growth trajectory while ensuring financial stability.
Commitment to Reliable and Cost-Effective Electricity and Water
ACWA Power’s core mission revolves around providing reliable and cost-effective electricity and desalinated water to foster sustainable social and economic development in communities and nations. As part of its growth plans, the company foresees a significant increase in its average annual equity commitment between 2024 and 2030, with estimates ranging from $2 billion to $2.5 billion.
Partnership with IRENA to Accelerate Global Adoption of Clean Energy
In April, ACWA Power joined forces with the International Renewable Energy Agency (IRENA) to expedite the global transition to clean energy sources. This collaboration aims to advance renewable energy infrastructure investment, green hydrogen technologies, solar resources, smart grids, and the intersection between energy and water.
Driving Eco-Conscious Energy Projects and Awareness
Under the partnership agreement, ACWA Power and IRENA will work together to mobilize finance for environmentally friendly energy projects and promote the development, storage, distribution, transmission, and consumption of renewables. The collaboration will also include workshops and seminars to exchange best practices, enhance skills, and raise awareness about the energy transition, targeting youth, professionals, and the general public.
CEO Marco Arcelli on the Partnership with IRENA
ACWA Power CEO Marco Arcelli highlighted the significance of the partnership with IRENA, describing it as a pivotal milestone in the company’s journey toward a sustainable energy future. This collaboration underscores ACWA Power’s commitment to driving positive change in the energy sector and beyond.