ACWA Power advances $1.8bn capital increase plan to boost global expansion, says CFO
RIYADH: Saudi utility giant ACWA Power is moving forward with its SR7 billion ($1.8 billion) capital increase as part of a broader strategy to expand its footprint in energy transformation, water desalination, and green hydrogen production, according to its chief financial officer.
In an interview with Al-Ekhbariya, Abdulhameed Al-Muhaidib described the capital raise as a critical step to reinforce the company’s leadership both domestically and internationally in sustainable infrastructure.
ACWA Power’s investment portfolio currently stands at around SR400 billion, encompassing over 78 gigawatts of production capacity and more than 9.5 million cubic meters per day in water desalination capacity. In line with long-term objectives, the company’s board approved a plan two years ago to triple assets under management to over SR937.5 billion by 2030.
The initiative also aligns with Saudi Arabia’s national goal of achieving a balanced energy mix by 2030, targeting an equal split between gas and renewable sources for electricity generation.
