ACWA Power

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 in excess of USD 74.8 billion, and a capacity of more than 50 GW of power and 7.6 million m3/day of desalinated water.
Its energy portfolio includes efficient combined cycle power plants, solar (Photovoltaic (PV) and Concentrated Solar Power (CSP)), wind, desalination plants, and green hydrogen projects.
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. It invests in, develops, co-owns and operates a portfolio of 77 projects with the capacity to generate 50.4 GW of power and produce 7.6 million m3/day of desalinated water. ACWA Power and its subsidiary operating companies employ over 4,000 people in projects in 12 different countries.
Structure
ACWA Power's board of directors is chaired by Mohammad Abdullah Abunayyan, with Raad Al Saady as its Vice Chairman and Managing Director, and Marco Arcelli as its CEO.
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.
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. The company began its current phase of international expansion in 2011 with the acquisition of Central Electricity Generating Company (CEGCO) 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). 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%.
Bokpoort Independent Power Project, South Africa
The Bokpoort CSP project, a 50 MW concentrated solar power plant with 9.3 hours thermal storage, was inaugurated in March 2016, after operations started in December 2015.
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. ACWA was involved in all 4 plants.
In 2012, a consortium led by ACWA Power won a €634m euro contract to build a 160 MW Concentrated Solar Power plant near Ouarzazate, Morocco – called Noor I. The cost of the project when it began operations was $3.9 billion. The electricity was to be sold at $0.19 /kWh.
In 2015, ACWA Power were awarded a €1.7 billion contract for two further solar power projects, Noor II and Noor III, in Morocco.
Noor I was inaugurated in February 2016 and will generate 160 MW of electricity. The second two phases currently under construction will generate a further 580 MW.
Noor IV construction was launched in April 2017 to add an additional capacity of 72MWp (photovoltaics)
Nam Dinh, Vietnam
In June 2014 a consortium including ACWA Power and Korea's Taekwang Power Holdings Company Limited signed an agreement to develop the Nam Dinh 1 IPP Project in Vietnam.
In January 2016, the consortium signed a $2.2 billion investment agreement with Vietnam for the Nam Dinh 1 thermal power plant. The $2 billion coal fired power plant will generate 1,200MW upon completion.
Hassyan, UAE
In September 2014 ACWA Power was shortlisted to build the Hassyan 2,400MW coal power plant with pollution mitigation as part of a $20 billion investment by the UAE Government.
In October 2015, a consortium including ACWA Power and China's Harbin Electric were selected to build and operate the $1.8 billion plant.
Sheikh Mohammed bin Rashid al-Maktoum Solar Park, Dubai
In January 2015 a consortium of ACWA Power and Spain's TSK were selected by Dubai Electricity and Water Authority (DEWA) as the preferred bidder to build the $327 million phase 2 project of the Sheikh Mohammed bin Rashid al-Maktoum Solar Park in the emirate.
In March 2015, ACWA Power secured a $344 million loan to finance the project.
The Dubai Electricity and Water Authority (DEWA) signed a Power Purchase Agreement and a Shareholder Agreement with ACWA Power in March 2015 for the 200MW expansion.
Redstone Solar Thermal Power Project, South Africa
In January 2015 a consortium led by ACWA Power and the USA firm SolarReserve was awarded the right to develop the $1.2 billion Redstone Solar Thermal Power Project in the Northern Cape Province, South Africa. It is a 100 MW concentrating solar power generation project utilizing central tower technology with 12 hours of full-load energy storage.
In October 2015 financing was secured for the Redstone project when the Overseas Private Investment Corporation (OPIC) signed an agreement to making a US$400mn commitment of debt financing.
As of 2022 the plant is under construction and scheduled for completion in Q4 2023.
References
Electric power companies of Saudi Arabia
Companies based in Riyadh
Renewable energy companies of Asia
Non-renewable resource companies established in 2004
Saudi Arabian companies established in 2004