Acwa Power seals financing for projects worth $14bn
12 October 2023
Riyadh-based utility and hydrogen developer Acwa Power has confirmed achieving financial close for 10 projects requiring an investment of $14bn, mainly in Saudi Arabia, Egypt and Uzbekistan, over the past 12 months.
The projects include Saudi Arabia's first green hydrogen project in Neom, several solar photovoltaic (PV) plants and water desalination projects.
The Saudi-listed company, along with its partners, achieved financial close on the following projects in Saudi Arabia:
- Neom Green Hydrogen project: $8.5bn
- Ar-Rass solar PV (700MW): $450m
- Shuaibah 1 and Shuaibah 2 solar PV (2,660MW): $2.37bn
- Rabigh 4 independent water project (IWP) (600,000 cubic metres a day): $677m
- Shuaibah 3 IWP (600,000 cm/d): $800m
The wind projects in Uzbekistan that have reached financial close are located in Bash, Dzhankeldy and Nukus.
Acwa Power also reached financial close on the 200MW Kom Ombo solar project in Egypt, which requires an investment of $123m.
According to Abdulhameed al-Muhaidib, Acwa Power's chief financial officer, the milestone "represents the highest number of projects Acwa Power has ever successfully achieved financial closure for within 12 months".
Financing for these projects has been sourced from several local and international financial institutions and infrastructure development funds, highlighting Acwa Power's "market credibility and innovative approach to financing".
It also shows the growing appetite of institutions to support energy transition projects, Acwa Power said in a statement.
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