Saudi Arabia’s ACWA Power has reported an economic closure of $14 billion in the last year, the largest in the history of the firm, having started projects in the energy from renewable sources, green hydrogen, and water desalination sectors.
Ten projects were started by the listed company in the Kingdom, Egypt, and Uzbekistan. The largest green hydrogen factory in the world, termed by NEOM’s $8.5 billion facility, made up a sizable percentage of ACWA’s accomplishments for the year.
According to Abdulhameed Al-Muhaidib, the finance director of ACWA Power, “the past 12 months mark an important turning point for us, as it marks the largest number of projects we have in our history accomplished in monetary completion within 12 months.”
It shows our adaptability, resiliency, and unshakable dedication to building a future that is sustainable for future generations. It not only attests to our abilities as owners and operators of strategically significant enterprises, but also to the confidence our partners and investors have in us, he continued.
According to a press release, in addition to the NEOM initiative, ACWA Power also completed the financial aspects of the Ar Rass photovoltaic development and the Al-Shuaibah 1 and Al-Shuaibah 2 solar PV projects, which are significant parts of Saudi Arabia’s National Renewable Energy Program.
The corporation advanced the Bash, Dzhankeldy, and Nukus wind projects in Uzbekistan. Additionally, it completed the Shuaibah 3 Integrated Water and Energy Project, the Rabigh 4 IWP, and the Kom Ombo Photovoltaic Projects in Egypt.
“The financial performance base shows the rapid pace of development happening across nations when it comes to the energy transition,” Al-Muhaidib continued.
He added that when governments see the financial advantages of switching their energy sources, the company anticipates growth in the years to come.
According to the statement, ACWA Power is prepared to investigate further options and partnerships that align with its objective in the upcoming months with the goal of increasing its local and global presence.
Currently, ACWA Power has 75 assets in various phases of development or operation spread over the Middle East, the African continent, Central America, and Southeast Asia.