ACWA Power

Headquartered in Saudi Arabia, ACWA Power maintains regional offices in Riyadh, Jeddah, Dubai, Baku, Beijing, Cairo, Addis Abbaba, Jakarta, Amman, Rabat, Muscat, Johannesburg, Istanbul, Tashkent, and Hanoi.{{Cite web |title=Locations and Addresses |url=https://ar2022.acwapower.com/en/appendix/locations |website=ar2022.acwapower.com}} It invests in, develops, co-owns and operates a portfolio of + 100 projects with the capacity of 78.85 GW of power and produce 9.5 million m3 /day of desalinated water. ACWA Power and its subsidiary operating companies employ around 4,000 people in projects in 14 different countries.{{Cite web |date=June 2023 |title=Financial Results Announcement and Conference Call For the six-month period ended 30 June 2023 |url=https://www.saudiexchange.sa/Resources/fsPdf/12317_2362_2023-08-09_21-22-55_en.pdf |publisher=ACWA Power}}

ACWA Power's board of directors is chaired by Mohammad Abdullah Abunayyan,{{cite web|title=ACWA Power re-appoints Mohammad Abunayyan as Chairman till 2025|url=https://www.arabnews.com/node/2005841/business-economy|publisher=Arab News|date=January 17, 2022}} with Raad Al Saady as its Vice Chairman and Managing Director,{{cite web|title=Who's Who: Raad Al-Saady, vice chairman and managing director of Saudi Arabia's ACWA Power|url=https://www.arabnews.com/node/2282046/saudi-arabia|publisher=Arab News|date=April 6, 2023}} and Marco Arcelli as its CEO.{{cite web|title=Saudi Arabia's Acwa Power appoints Marco Arcelli as CEO|url=https://www.thenationalnews.com/business/energy/2023/03/21/saudi-arabias-acwa-power-appoints-marco-arcelli-as-ceo/|publisher=The National|date=March 21, 2023}}

In 2002, the Government 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 originally founded in 2004 as ACWA Power Projects, a joint venture between ACWA Holding (representing the Abunayyan Holding Company and Al-Muhaidib, today known as Vision International Investment Company) and the MADA Group for Industrial and Commercial Development (today known as Al Rajhi Group Holding) to take advantage of these new private sector investment and operation opportunities in the Saudi Arabian market. The company was reorganised in 2008 in its current legal form as ACWA Power Company.{{Cite news |date=8 January 2015 |title=ACWA Power: Born Saudi, growing globally |publisher=The European |url=http://www.the-european.eu/story-9011/acwa-power-born-saudi-growing-globally.html |access-date=3 March 2016}}

From 2004 to 2011, ACWA Power focused primarily on Saudi Arabia, and was awarded contracts for several thermal power projects – including the Shuaibah IWPP, Shuqaiq 2 IWPP, Rabigh IPP and Marafiq IPP.{{Cite news |date=11 November 2006 |title=A consortium of ACWA Power Projects, Gulf Investment Corporation and Mitsubishi Corporation selected preferred bidder for Shuqaiq power and water project |work=Al Bawaba |publisher=Al Bawaba (Middle East) Ltd. |url=http://www.albawaba.com/news/consortium-acwa-power-projects-gulf-investment-corporation-and-mitsubishi-corporation-selected- |access-date=17 March 2016 |ref=AlBawabaAconsortiumofACWAPowerProjects}}{{Cite news |last=Haitham |first=Haddadin |date=11 November 2006 |title=Mitsubishi, GIC and ACWA selected for Saudi project |work=Reuters UK |publisher=Thomson Reuters |url=http://uk.reuters.com/article/utilities-saudi-project-idUKL1185099720061111 |archive-url=https://web.archive.org/web/20160629204001/http://uk.reuters.com/article/utilities-saudi-project-idUKL1185099720061111 |url-status=dead |archive-date=June 29, 2016 |access-date=17 March 2016 |ref=Mitsubishi_GIC_ACWAselectedforSaudiproject}}{{Cite news |last=Staff Report |date=1 March 2007 |title=Consortium signs deals for Saudi power plant |work=Gulf News |publisher=Al Nisr Publishing LLC 2016 |url=http://gulfnews.com/business/sectors/general/consortium-signs-deals-for-saudi-power-plant-1.164805 |access-date=17 March 2016 |ref=GulfNews_ConsortiumsignsdealsforSaudipowerplant}}{{Cite news |date=2 March 2007 |title=Key Shuqaiq agreements signed |work=MEED |publisher=EMAP Publishing Limited |url=http://www.meed.com/sectors/power/key-shuqaiq-agreements-signed/232860.article |access-date=17 March 2016 |ref=MEED_KeyShuqaiqagreementssigned}} The company began international expansion in 2011 with the acquisition of Central Electricity Generating Company (CEGCO) in 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).{{Cite news |last=Sambidge |first=Andy |date=4 June 2011 |title=Saudi firm buys stake in Jordan's largest power generator |work=Arabian Business |publisher=Arabian Business Publishing Ltd. |url=http://www.arabianbusiness.com/saudi-firm-buys-stake-in-jordan-s-largest-power-generator-403471.html#.VuquVOJ95qM |access-date=17 March 2016 |ref=ArabianBusiness_SaudifirmbuysstakeinJordanslargestpowergenerator}}{{Cite news |last=Davids |first=Gavin |date=5 June 2011 |title=ACWA Power acquires $144m stake in Jordan's CEGCO |work=ConstructionWeekOnline.com |publisher=ITP Business Publishing Ltd |url=http://www.constructionweekonline.com/article-12659-acwa-power-acquires-144m-stake-in-jordans-cegco/ |access-date=17 March 2016 |ref=ConstructionWeekOnline_ACWAPoweracquiresstakeinJordansCEGCO}}{{Cite news |date=22 August 2011 |title=Saudi's Acwa buys key stake in Jordan firm |work=Trade Arabia |url=http://www.tradearabia.com/news/OGN_203830.html |access-date=17 March 2016 |ref=TradeArabia_SaudisAcwabuyskeystakeinJordanfirm}}{{Cite web |last=Rosca |first=Olga |title=ACWA Power's US$ 1 billion power plant in Turkey wins EBRD support |url=http://www.ebrd.com/news/2014/acwa-powers-us-1-billion-power-plant-in-turkey-wins-ebrd-support-.html |access-date=17 March 2016 |website=The European Bank for Reconstruction and Development (EBRD) |ref=EBRD_ACWAPower1billionpowerplantinTurkeywinsEBRDsupport}} Today, ACWA Power operates across 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia, with a portfolio comprising renewable energy, water desalination, green hydrogen, and conventional energy projects.{{Cite web |date=2024-06-11 |title=Saudi Arabia's ACWA Power Co. |url=https://thegulfentrepreneur.com/saudi-arabias-acwa-power-co/ |access-date=2024-06-13 |language=en-US}}

In 2018, the Public Investment Fund (PIF) of Saudi Arabia acquired a 15% stake in ACWA Power and has progressively increased its shareholding to 44%, reinforcing ACWA Power’s pivotal role in achieving the Kingdom’s Vision 2030 energy transition goals.{{Cite web |date=2020-11-20 |title=Saudi fund raises ownership stake in ACWA Power to 50% |url=https://arab.news/nheft |access-date=2020-11-20 |website=Arab News |language=en}}

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• ACWA Power developed Saudi Arabia’s first major solar project, located in the north of the Kingdom.{{Cite web |last=ROSCOE |first=ANDREW |date=2018-02-07 |title=Acwa Power awarded Saudi Arabia's first major solar project |url=https://www.meed.com/acwa-power-awarded-saudi-arabias-first-major-solar-project/ |website=www.meed.com}}
• The contract for the 300MW Sakaka IPP was awarded in February 2018 with a 25-year power purchase agreement at a then world record low tariff of $0.0234 per kilowatt hour.{{Cite web |date=2018-02-06 |title=Saudi Arabia awards ACWA Power its first 300 MW solar PV project |url=https://english.alarabiya.net/business/energy/2018/02/06/Saudi-Arabia-awards-ACWA-Power-its-first-300-MW-solar-PV-project |website=Al Arabiya}}

• The Bokpoort IPP project, a 50 MW concentrated solar power plant with 9.3 hours thermal storage, was ACWA Power’s first project using CSP technology, and first project in South Africa. Bokpoort IPP commenced commercial operations in December 2015.{{Cite news |last=Asaba |first=Baset |date=15 March 2016 |title=ACWA power inaugurates first CSP in South Africa |work=ArabianIndustry.com |publisher=ITP Publishing Ltd |url=http://www.arabianindustry.com/utilities/news/2016/mar/15/acwa-power-inaugurates-first-csp-in-south-africa-5323318/ |access-date=9 May 2016 |ref=ArabianIndustry_ACWApowerinauguratesfirstCSPinSouthAfrica}}{{Cite news |date=15 March 2016 |title=CSP plant illuminates Bokpoort community at official inauguration |work=ESI-Africa.com |publisher=ESIAfrica_CSPplantilluminatesBokpoortcommunityatofficialinauguration |url=http://www.esi-africa.com/news/csp-plant-illuminates-bokpoort-community-at-official-inauguration/ |access-date=9 May 2016}}{{Cite news |date=15 March 2016 |title=ACWA's Solar power project in South Africa inaugurated |work=tradearabia.com |url=http://www.tradearabia.com/news/OGN_302884.html |access-date=9 May 2016 |ref=TradeArabia_ACWAsSolarpowerprojectinSouthAfricainaugurated}}{{Cite news |last=Moyo |first=Admire |date=16 March 2016 |title=SA lights up R5bn solar plant |work=ITWeb |publisher=ITWeb Limited |url=http://www.itweb.co.za/index.php?option=com_content&view=article&id=150816 |access-date=9 May 2016 |ref=ITWeb_SAlightsupR5bnsolarplant}}{{Cite news |date=15 March 2016 |title=R5 Billion Solar Plant Opens in Northern Cape |work=allAfrica.com |publisher=SAnews |url=http://allafrica.com/stories/201603151180.html |access-date=9 May 2016 |ref=allAfrica_R5BillionSolarPlantOpensinNorthernCape}}{{Cite news |last=Dludla |first=Nqobile |date=14 March 2016 |title=South Africa turns on Saudi-built solar to cut coal reliance |work=Reuters |publisher=Thomson Reuters |url=https://af.reuters.com/article/investingNews/idAFKCN0WG1FT |url-status=dead |access-date=9 May 2016 |archive-url=https://web.archive.org/web/20160316034949/http://af.reuters.com/article/investingNews/idAFKCN0WG1FT |archive-date=16 March 2016 |ref=Reuters_SouthAfricaturnsonSaudibuiltsolartocutcoalreliance}}{{Cite news |date=14 March 2016 |title=South Africa turns on Saudi-built solar to cut coal reliance |work=GulfNews |publisher=Al Nisr Publishing LLC |url=http://gulfnews.com/business/economy/saudi-central-bank-chief-vows-to-keep-dollar-peg-1.1690241 |access-date=9 May 2016 |ref=GulfNews_SouthAfricaturnsonSaudibuiltsolartocutcoalreliance}}{{Cite news |last=Bernardo |first=Carla |date=14 March 2016 |title=SA, Saudi Arabia launch R5bn solar plant {{!}} IOL |work=IOL |url=http://www.iol.co.za/business/news/sa-saudi-arabia-launch-r5bn-solar-plant-1997529 |access-date=9 May 2016 |ref=IOL_SASaudiArabialaunchR5bnsolarplant}}{{Cite news |date=15 March 2016 |title=Saudi firm to invest R35bn in South African energy projects |work=Business Day Live |url=http://www.bdlive.co.za/business/energy/2016/03/15/saudi-firm-to-invest-r35bn-in-south-african-energy-projects |access-date=9 May 2016 |ref=BusinessDay_SaudifirmtoinvestR35bninSouthAfricanenergyprojects}}

The Noor solar complex in Ouarzazate, Morocco, comprises 510 MW of CSP capacity and 135 MW of solar PV. It was the largest CSP complex globally as of 2019.{{Cite web |last=Nicki Shields and James Masters |date=6 February 2019 |title=Morocco in the fast lane with world's largest concentrated solar farm |url=https://edition.cnn.com/2019/02/06/motorsport/morocco-solar-farm-formula-e-spt-intl/index.html |access-date=2021-04-24 |website=CNN}}

• In 2015, ACWA Power was awarded a €1.7 billion contract for two further solar power projects, Noor II and Noor III, in Morocco.{{Cite news |last=Graves |first=LeAnne |date=13 January 2015 |title=Acwa wins €1.7bn Moroccan solar power deals |work=The National |url=http://www.thenational.ae/business/energy/acwa-wins-17bn-moroccan-solar-power-deals |access-date=1 May 2016 |ref=National_Acwawins1_7bnMoroccansolarpowerdeals}}{{Cite news |last=Roca |first=Marc |date=12 January 2015 |title=Morocco Awards Largest Solar Thermal Power Plants to ACWA, Sener |work=Bloomberg.com |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2015-01-12/morocco-awards-largest-solar-thermal-power-plants-to-acwa-sener |access-date=1 May 2016 |ref=Bloomberg_MoroccoAwardsLargestSolarThermalPowerPlantstoACWA}}{{Cite news |date=10 January 2015 |title=Saudi's ACWA Power wins $2bn Morocco solar power deal |work=Arabian Business |publisher=Arabian Business Publishing Ltd |url=http://www.arabianbusiness.com/saudi-s-acwa-power-wins-2bn-morocco-solar-power-deal-577989.html#.VyZrUvl97Dc |access-date=1 May 2016 |ref=ArabianBusiness_SaudisACWAPowerwins2bnMoroccosolarpowerdeal}}
• Noor I was inaugurated in February 2016 and has a generation capacity of 160 MW of electricity. Noor 2 and Noor 3 have a generation capacity of 200 MW and 150 MW respectively. Whereas Noor 1 and 2 both used parabolic CSP technology, Noor 3 was ACWA Power’s first project to utilize tower technology.{{Cite news |last=El Yaakoubi |first=Aziz |date=4 February 2016 |title=Morocco starts production at 160 MW solar plant{{!}} Agricultural Commodities |work=Reuters |publisher=Thomson Reuters |url=https://af.reuters.com/article/commoditiesNews/idAFL8N15J4PR |url-status=dead |access-date=8 May 2016 |archive-url=https://web.archive.org/web/20160629192327/http://af.reuters.com/article/commoditiesNews/idAFL8N15J4PR |archive-date=29 June 2016}}{{Cite news |date=5 February 2016 |title=Morocco launches first solar power plant |work=Al Arabiya |publisher=Al Arabiya |url=http://english.alarabiya.net/en/business/energy/2016/02/05/Morocco-launches-first-solar-power-plant.html |access-date=1 May 2016 |ref=AlArabiya_Moroccolaunchesfirstsolarpowerplant}}{{Cite news |date=4 February 2016 |title=Ceremony in Morocco marks progress on 500MW solar park |work=The National |publisher=The National |url=http://www.thenational.ae/business/energy/ceremony-in-morocco-marks-progress-on-500mw-solar-park |access-date=1 May 2016 |ref=TheNational_CeremonyinMoroccomarksprogresson500MWsolarpark}}
• Noor PV1 IPP also located in the Ourzazate Solar complex consists of three photovoltaic plants with a capacity of 135 MW. Noor PV1 has been operational since 2019.Louis Boisgibault, Fahad Al Kabbani (2020): [http://www.iste.co.uk/book.php?id=1591 Energy Transition in Metropolises, Rural Areas and Deserts]. Wiley - ISTE. (Energy series) {{ISBN|9781786304995}}.

• 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.{{Cite news |last=Graves |first=LeAnne |date=3 December 2014 |title=Saudi firm outbids rivals for second phase of Mohammed bin Rashid Al Maktoum solar park |work=The National |publisher=Abu Dhabi Media |url=http://www.thenational.ae/business/energy/saudi-firm-outbids-rivals-for-second-phase-of-mohammed-bin-rashid-al-maktoum-solar-park |access-date=8 May 2016 |ref=National_SaudifirmoutbidsrivalsforsecondphaseofMohammedbinRashidAlMaktoumsolarpark}}{{Cite news |last1=Narayanan |first1=Archana |last2=French |first2=David |date=15 January 2015 |title=Dubai utility DEWA names preferred bidder for upsized solar plant |work=Reuters |publisher=Thomson Reuters |url=https://af.reuters.com/article/energyOilNews/idAFL6N0UU0WL20150115 |url-status=dead |access-date=2 May 2016 |archive-url=https://web.archive.org/web/20160629192534/http://af.reuters.com/article/energyOilNews/idAFL6N0UU0WL20150115 |archive-date=29 June 2016 |ref=Reuters_DubaiutilityDEWAnamespreferredbidderforupsizedsolarplant}}{{Cite news |last=Narayanan |first=Archana |date=15 January 2015 |title=Saudi's ACWA Power, Spain's TSK to build $327 mln Dubai solar plant |work=Reuters |publisher=Thomson Reuters |url=https://af.reuters.com/article/energyOilNews/idAFL6N0UU1FG20150115 |url-status=dead |access-date=8 May 2016 |archive-url=https://web.archive.org/web/20150710214003/http://af.reuters.com/article/energyOilNews/idAFL6N0UU1FG20150115 |archive-date=10 July 2015 |ref=Reuters_SaudisACWAPowerSpainsTSKtobuild327mlnDubaisolarplant}}{{Cite news |last=Graves |first=LeAnne |date=15 January 2015 |title=Tender for second phase of Mohammed bin Rashid Solar Park in Dubai won by Saudi consortium |work=The National |publisher=Abu Dhabi Media |url=http://www.thenational.ae/business/energy/tender-for-second-phase-of-mohammed-bin-rashid-solar-park-in-dubai-won-by-saudi-consortium |access-date=8 May 2016 |ref=National_TenderforsecondphaseofMohammedbinRashidSolarParkinDubaiwonbySaudiconsortium}}{{Cite news |last=Abbas |first=Waheed |date=15 January 2015 |title=Dewa awards Dh1.2bn solar plant contract |language=en-GB |work=Emirates 247 |publisher=Dubai Media Incorporated |url=http://www.emirates247.com/business/corporate/dewa-awards-dh1-2bn-solar-plant-contract-2015-01-15-1.576752 |access-date=8 May 2016 |ref=Emirates247_DewaawardsDh1_2bnsolarplantcontract}}{{Cite news |last=Graves |first=LeAnne |date=18 January 2015 |title=UAE beats renewables cost hurdle with world's cheapest price for solar energy {{!}} The National |work=The National |publisher=Abu Dhabi Media |url=http://www.thenational.ae/business/energy/uae-beats-renewables-cost-hurdle-with-worlds-cheapest-price-for-solar-energy |access-date=8 May 2016 |ref=National_UAEbeatsrenewablescosthurdlewithworldscheapestpriceforsolarenergy}}{{Cite news |last=DiPaola |first=Anthony |date=15 January 2015 |title=Dubai Doubling Size of Power Plant to Make Cheapest Solar Energy |work=Bloomberg.com |publisher=Bloomberg |url=https://www.bloomberg.com/news/articles/2015-01-15/acwa-power-wins-contract-to-build-dubai-solar-plant-acwa-ceo |access-date=8 May 2016 |ref=Bloomberg_DubaiDoublingSizeofPowerPlanttoMakeCheapestSolarEnergy}}{{Cite news |date=15 January 2015 |title=DEWA selects Saudi ACWA and Spain's TSK for the project with the world's lowest LCOE |work=Al Bawaba |publisher=Al Bawaba |url=http://www.albawaba.com/business/pr/dewa-saudi-acwa-644798 |access-date=8 May 2016 |ref=AlBawaba_DEWAselectsSaudiACWAandSpainsTSKfortheprojectwiththeworldslowestLCOE}}{{Cite news |last=Todorova |first=Vesela |date=15 January 2015 |title=Planned Dubai solar power park to double output to 200 megawatts |work=The National |publisher=Abu Dhabi Media |url=http://www.thenational.ae/uae/planned-dubai-solar-power-park-to-double-output-to-200-megawatts |access-date=8 May 2016 |ref=National_PlannedDubaisolarpowerparktodoubleoutputto200megawatts}}{{Cite news |date=15 January 2015 |title=Dubai doubles capacity of mega Solar Park |work=GulfNews |publisher=Al Nisr Publishing LLC |url=http://gulfnews.com/news/uae/environment/dubai-doubles-capacity-of-mega-solar-park-1.1441860 |access-date=8 May 2016 |ref=GulfNews_DubaidoublescapacityofmegaSolarPark}}
• In March 2015, ACWA Power secured a $344 million loan to finance the project.{{Cite news |date=1 March 2015 |title=Acwa Power gets $344 million loan for Dubai solar project |work=The National |publisher=Abu Dhabi Media |url=http://www.thenational.ae/business/energy/acwa-power-gets-344-million-loan-for-dubai-solar-project |access-date=8 May 2016 |ref=National_AcwaPowergets344millionloanforDubaisolarproject}}{{Cite news |last=Carvalho |first=Stanley |date=1 March 2015 |title=Saudi's ACWA Power gets $344 mln loan for Dubai solar project |work=Reuters |publisher=Thomson Reuters |url=https://www.reuters.com/article/acwa-power-loans-idUSL5N0W304420150301 |access-date=8 May 2016 |ref=Reuters_SaudisACWAPowergets344mlnloanforDubaisolarproject}}
• 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.{{Cite news |last=Pieri |first=Alexander |date=29 March 2015 |title=DEWA partners with ACWA Power for 200MW PV plant |work=Construction Week |publisher=ITP Digital Ltd |url=http://alpha.constructionweekonline.com/article-33092-dewa-partners-with-acwa-power-for-200mw-pv-plant/#.Vy9HwIR94_5 |access-date=8 May 2016 |ref=ConstructionWeek_DEWApartnerswithACWAPowerfor200MWPVplant}}{{Cite news |date=26 March 2015 |title=DEWA signs agreements for second-phase 200MW PV plant at Mohammed bin Rashid Al Maktoum Solar Park |work=WAM |publisher=Emirates News Agency |url=https://www.wam.ae/en/news/economics/1395278495543.html |url-status=dead |access-date=8 May 2016 |archive-url=https://web.archive.org/web/20160807095029/https://www.wam.ae/en/news/economics/1395278495543.html |archive-date=7 August 2016 |ref=WAM_DEWAsignsagreementsforsecondphase200MWPVplantatMohammedbinRashidAlMaktoumSolarPark |df=dmy-all}}{{Cite news |date=28 March 2015 |title=UAE DEWA, ACWA Power led consortium sign PPA |work=AMEInfo |publisher=Mediaquest FZ LLC |url=http://ameinfo.com/energy/green-living/uae-dewa-acwa-power-led-consortium-sign-ppa/ |access-date=8 May 2016 |ref=AMEInfo_UAEDEWAACWAPowerledconsortiumsignPPA}}{{Cite news |date=26 March 2015 |title=ACWA Power led consortium signs PPA with Dubai Electricity & Water Authority for the 260 MWp Solar PV IPP; Phase II of the Mohammed bin Rashid Solar Park in Dubai |work=Zawya |publisher=Thomson Reuters |url=https://www.zawya.com/story/ACWA_Power_led_consortium_signs_PPA_with_Dubai_Electricity__Water_Authority_for_the_260_MWp_Solar_PV_IPP_Phase_II_of_the_Mohammed_bin_Rashid_Solar_Park_in_Dubai-ZAWYA20150326142453/ |access-date=8 May 2016 |ref=Zawya_ACWAPowerledconsortiumsignsPPAwithDubaiElectricityWaterAuthorityforthe260MWpSolarPVIPPPhaseIIoftheMohammedbinRashidSolarParkinDubai}}{{Cite news |last=Jenkins |first=Siona |date=31 March 2015 |title=Falling cost of solar offers solace after halving of oil price |work=Financial Times |publisher=The Financial Times Ltd |url=http://www.ft.com/intl/cms/s/0/ee666260-d149-11e4-86c8-00144feab7de.html#axzz484h1OGnI |access-date=8 May 2016 |ref=FT_Fallingcostofsolarofferssolaceafterhalvingofoilprice}}{{Cite news |date=26 March 2015 |title=Dewa signs agreements for second-phase 200MW PV plant at Mohammed bin Rashid Al Maktoum Solar Park |work=GulfNews |publisher=Al Nisr Publishing LLC |url=http://gulfnews.com/business/economy/dewa-signs-agreements-for-second-phase-200mw-pv-plant-at-mohammed-bin-rashid-al-maktoum-solar-park-1.1480155 |access-date=8 May 2016 |ref=GulfNews_Dewasignsagreementsforsecondphase200MWPVplantatMohammedbinRashidAlMaktoumSolarPark}}
• In March 2019, ACWA Power and DEWA completed the financing for a 950 MW concentrated solar power (CSP) project at the Mohammed bin Rashid Solar Park named Noor Energy 1.{{Cite web |date=2019-03-24 |title=Saudi-led consortium, DEWA complete financing for Dubai solar park |url=https://www.reuters.com/article/emirates-solar-financing-idUKD5N21600I/ |website=Reuters}}
• In December 2023, the Noor Energy 1 plant was inaugurated, becoming the largest CSP project in the world.{{Cite web |last1=Cabral |first1=Alvin R. |last2=Benny |first2=John |title=Sheikh Mohammed inaugurates world's largest concentrated solar power project in Dubai |url=https://www.thenationalnews.com/business/energy/2023/12/06/sheikh-mohammed-inaugurates-worlds-largest-concentrated-solar-power-project-in-dubai/ |access-date=2024-09-10 |website=The National |language=en}}

• 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.{{Cite news |date=11 January 2015 |title=ACWA Power extends its Leadership in Solar Power with 100MW Redstone Project, a USD 1.2 Billion investment |work=AMEInfo |publisher=Mediaquest FZ LLC |url=http://ameinfo.com/energy/green-living/acwa-power-extends-leadership-solar-power-100mw-redstone-project-usd-1-2-billion-investment/ |access-date=9 May 2016 |ref=AMEInfo_ACWAPowerextendsitsLeadershipinSolarPowerwith100MWRedstoneProject}}{{Cite news |last=Laganparsad |first=Monica |date=18 January 2015 |title=Sun plus salt to the rescue of national grid |work=Sunday Times |publisher=Times Media Group |url=http://www.timeslive.co.za/sundaytimes/2015/01/18/sun-plus-salt-to-the-rescue-of-national-grid |access-date=9 May 2016 |ref=SundayTimes_Sunplussalttotherescueofnationalgrid}}{{Cite news |date=17 January 2015 |title=SA to get two new major solar plants |work=businesstech.co.za |publisher=BusinessTech |url=http://businesstech.co.za/news/general/77235/sa-to-get-two-new-major-solar-plants/ |access-date=9 May 2016 |ref=BusinessTech_SAtogettwonewmajorsolarplants}} It is a 100 MW concentrating solar power generation project utilizing central tower technology with 12 hours of full-load energy storage.{{Cite news |date=9 January 2015 |title=5 Things you need to Know about South Africa's Redstone Thermal Power Project |work=African Business Review |url=http://www.africanbusinessreview.co.za/technology/1813/5-Things-you-need-to-Know-about-South-Africa's-Redstone-Thermal-Power-Project |access-date=9 May 2016 |ref=AfricanBusinessReview_5ThingsyouneedtoKnowaboutSouthAfricasRedstoneThermalPowerProject}}
• 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.{{Cite news |last=Goenka |first=Himanshu |date=30 October 2015 |title=Financing secured for South Africa's Redstone project |work=African Review |publisher=Alain Charles Publishing Ltd |url=http://www.africanreview.com/energy-a-power/renewables/financing-secured-for-south-africa-s-redstone-project |access-date=9 May 2016 |ref=AfricanReview_FinancingsecuredforSouthAfricasRedstoneproject}}{{Cite news |date=21 October 2015 |title=South Africa: Funds Secured for Landmark SA Solar Facility |work=allAfrica.com |publisher=AllAfrica |url=http://allafrica.com/stories/201510211371.html |access-date=9 May 2016 |ref=AllAfrica_SouthAfricaFundsSecuredforLandmarkSASolarFacility}}

• In 2020, ACWA Power was awarded the contract for the world’s largest renewable off-grid utilities system at Saudi Arabia’s tourism megaproject The Red Sea Project.{{Cite web |last=AGUINALDO |first=JENNIFER |date=2020-11-16 |title=Acwa Power wins Red Sea utilities contract |url=https://www.meed.com/acwa-power-wins-red-sea-utilities-contract |website=www.meed.com}}
• The project will feature a battery energy storage system (BESS) with a capacity of more than 1GWh in order to provide a 24-hour supply of energy.{{cite web | url=https://reneweconomy.com.au/red-sea-solar-and-battery-project-to-feature-1300mwh-of-energy-storage/ | title=Red Sea solar and battery project to feature 1,300MWh of energy storage | date=20 October 2021 }}
• In December 2021, the company announced that it had closed an agreement for $1.33 billion in senior debt for the project.{{Cite web |date=2021-12-21 |title=ACWA Power-led JV secures $1.33 bln for Red Sea project utilities |url=https://www.reuters.com/markets/asia/acwa-power-led-jv-secures-133-bln-red-sea-project-utilities-2021-12-21/ |website=Reuters}}
• A joint venture led by ACWA Power will construct, manage and operate fully-renewable power, desalination, waste-water treatment, solid waste processing, district cooling plants and communication infrastructure for the project that is a flagship of Saudi Arabia’s Vision 2030 tourism goals.{{Cite web |date=2022-12-07 |title=Inside Saudi Arabia's Red Sea: Everything you need to know - Arabian Business: Latest News on the Middle East, Real Estate, Finance, and More |url=https://www.arabianbusiness.com/industries/travel-hospitality/inside-saudi-arabias-red-sea-global-everything-you-need-to-know |access-date=2024-09-10 |website=www.arabianbusiness.com |language=en-US}}
• Financial close for the project was achieved in early 2022.{{Cite web |last=Mansoor |first=Zainab |date=2022-02-24 |title=ACWA Power led consortium achieves financial close for Red Sea Project |url=https://gulfbusiness.com/acwa-power-led-consortium-achieves-financial-close-for-red-sea-project/ |access-date=2024-09-10 |language=en-US}}
• The company has developed more than 20 acres of constructed wetland sustained by municipal wastewater treated by a natural reed bed system.{{Cite web |date=2023-12-04 |title=Red Sea Global and ACWA Power create more than 20 acres of new wetlands in line with Saudi Arabia's climate action |url=https://www.redseaglobal.com/-/media-center/red-sea-global-and-acwa-power-create-more-than-20-acres-of-new-wetlands-in-line-with-saudi-arabia-s-climate-action |website=www.redseaglobal.com}}

• ACWA Power signed a water purchase agreement in 2019 with the Emirates Water and Electricity Company (EWEC) for the world’s largest reverse osmosis plant, to be located in Abu Dhabi with a capacity of 909,000 cubic meters per day.{{Cite web |title=ACWA Power wins Abu Dhabi's Al Taweelah desalination plant deal |url=https://www.argaam.com/en/article/articledetail/id/592325 |access-date=2024-09-10 |website=ArgaamPlus |language=en}}{{Cite web |last=Saundalkar |first=Jason |date=2019-09-12 |title=EWEC and ACWA sign deal for $890m Taweelah desalination plant |url=https://meconstructionnews.com/36742/ewec-and-acwa-sign-deal-for-890m-taweelah-desalination-plant |access-date=2024-09-10 |website=Middle East Construction News |language=en-US}}
• Operations at phase 1 of the plant, with a capacity of 454,600 cubic metres of desalinated water a day, began in June 2022.{{Cite web |last=Cabral |first=Alvin R. |title=Ewec and Acwa Power start operations at major water desalination plant in Abu Dhabi |url=https://www.thenationalnews.com/business/2022/06/23/ewec-and-acwa-power-start-operations-at-major-water-desalination-plant-in-abu-dhabi/ |access-date=2024-09-10 |website=The National |language=en}}{{Cite web |date=2022-06-25 |title=ACWA Power and EWEC starts operations for 1st phase of world's largest water desalination plant |url=https://www.constructionweekonline.com/projects-tenders/acwa-ewec-plant |access-date=2024-09-10 |language=en-US}}
• The company announced in May 2023 that Taweelah IWP had reached 90% of capacity, producing 831,935 cubic meters per day of desalinated water and thus becoming the world’s largest reverse osmosis desalination plant by capacity.{{cite web | url=https://www.utilities-me.com/news/ewecs-taweelah-desalination-plant-sets-global-record | title=EWEC's Taweelah desalination plant sets global record - Utilities Middle East | date=26 May 2023 }}{{cite web | url=https://gulfbusiness.com/ewecs-taweelah-reverse-osmosis-facility-surpasses-90-per-cent-capacity/#:~:text=Emirates%20Water%20and%20Electricity%20Company,largest%20operating%20reverse%20osmosis%20facility. | title=Taweelah Reverse Osmosis facility reaches 90 per cent capacity | date=25 May 2023 }}

• ACWA Power was selected in August 2023 to build and operate the first phase of the Hassyan IWP in Dubai, breaking the world record for the lowest levelized water tariff at $0.365 per cubic meter.{{Cite web |date=2023-08-18 |title=World-record tariff rate helps ACWA Power win contract for new Dubai desalination plant |url=https://www.arabnews.com/node/2357301/business-economy |access-date=2024-09-10 |website=Arab News |language=en}}{{Cite web |last=Muzoriwa |first=Kudakwashe |date=2023-08-17 |title=DEWA picks ACWA Power to build Hassyan water plant |url=https://gulfbusiness.com/dewa-selects-acwa-power-for-dubai-water-project/ |access-date=2024-09-10 |language=en-US}}
• The 818,280 cubic-meter-per-day reverse osmosis plant will be partially powered by solar energy.{{Cite web |title=DEWA picks ACWA Power to develop Phase I of Hassyan IWP project |url=https://www.argaam.com/en/article/articledetail/id/1664768 |access-date=2024-09-10 |website=ArgaamPlus |language=en}}
• The water purchase agreement worth $914 million was signed in October 2023.{{Cite web |title=ACWA Power signs SAR 3.4 bln water purchase agreement with DEWA |url=https://www.argaam.com/en/article/articledetail/id/1674386 |access-date=2024-09-10 |website=ArgaamPlus |language=en}}

• The NEOM Green Hydrogen Project, based in NEOM, Saudi Arabia, is the world’s largest utility scale, commercially-based hydrogen facility powered entirely by renewable energy.{{Cite web |last=Martin |first=Polly |date=2023-05-22 |title=Neom formally reaches FID on giant green hydrogen complex as partners ink financing deals worth $8.4bn |url=https://www.hydrogeninsight.com/production/neom-formally-reaches-fid-on-giant-green-hydrogen-complex-as-partners-ink-financing-deals-worth-8-4bn/2-1-1454268 |access-date=2024-09-10 |website=hydrogeninsight.com |language=en}}
• The project has a total investment value of USD 8.4 billion.{{Cite web |title=Construction of Neom green hydrogen plant progresses - report |url=https://renewablesnow.com/news/construction-of-neom-green-hydrogen-plant-progresses-report-856827/ |website=renewablesnow.com}}{{Cite web |last=Patel |first=Sonal |date=2024-04-04 |title=ACWA Power: Crossroads for Exponential Growth in Power and Water |url=https://www.powermag.com/acwa-power-crossroads-for-exponential-growth-in-power-and-water/ |access-date=2024-06-13 |website=POWER Magazine |language=en-US}}{{Cite web |last=Nagraj |first=Aarti |date=2023-05-22 |title=Neom Green Hydrogen Energy Company closes $8.4bn in investment deals for plant |url=https://www.thenationalnews.com/business/energy/2023/05/22/neom-green-hydrogen-energy-company-closes-84bn-in-investment-deals-for-plant/ |access-date=2024-06-13 |website=The National |language=en}}
• An equal joint venture between NEOM, Air Products and ACWA Power, the project is based on proven technologies that will include the integration of a combined capacity of 3.9 GW of renewable power from onshore solar, wind and storage.{{Cite web |title=Air Products, ACWA Power & NEOM sign agreement for production facility |url=https://www.neom.com/en-us/newsroom/air-products--acwa-power-and-neom-sign-agreement |access-date=2024-06-13 |website=www.neom.com |language=en}}
• When operational in 2026, it will produce 600 tonnes per day of clean hydrogen by electrolysis; production of nitrogen by air separation; and production of up to 1.2 million tonnes per year of green ammonia.{{Cite web |title=$name |url=https://www.airproducts.com/energy-transition/neom-green-hydrogen-complex |access-date=2024-06-13 |website=www.airproducts.com |language=en}}

• Construction began on ACWA Power’s first green hydrogen project outside of Saudi Arabia in November 2023.{{cite web | url=https://www.hydrogeninsight.com/production/saudi-developer-breaks-ground-on-first-green-hydrogen-project-in-uzbekistan/2-1-1561627 | title=Saudi developer breaks ground on first green hydrogen project in Uzbekistan | date=28 November 2023 }}{{Cite web |last=uz |first=Daryo |title=Uzbekistan implements $62mn investment project for green hydrogen production |url=https://daryo.uz/en/2024/02/27/uzbekistan-implements-62mn-investment-project-for-green-hydrogen-production |access-date=2024-06-13 |website=Daryo.uz |language=en}}
• The first phase includes a 52MW wind farm capable of producing 3,000 tonnes per year of green ammonia, with a potential second phase capable of producing 120,000 tonnes per year.{{Cite web |author=Staff Reporter |date=2023-05-22 |title=ACWA Power inks deal for Uzbekistan wind, green hydrogen projects |url=https://asian-power.com/project/news/acwa-power-inks-deal-uzbekistan-wind-green-hydrogen-projects |access-date=2024-06-13 |website=Asian Power |language=en}}{{Cite web |last=uz |first=Kun |title=ACWA Power to build "green" hydrogen production plant in Chirchik by December |url=https://kun.uz/en/news/2024/05/17/acwa-power-to-build-green-hydrogen-production-plant-in-chirchik-by-december |access-date=2024-06-13 |website=Kun.uz |language=en}}{{Cite web |title=Pilot Uzbek Green Hydrogen Project |url=https://www.ebrd.com/work-with-us/projects/psd/54561.html |access-date=2024-06-13 |website=www.ebrd.com |language=en}}

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{{Cite web |title=Company Overview of ACWA Power International |url=https://www.bloomberg.com/quote/ACWA:AB#xj4y7vzkg |access-date=23 August 2023 |publisher=Bloomberg L.P.}}

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