The 2,060MW solar plant is set to be developed in Saudi Arabia’s Makkah province
Construction of the $5bn plant in the north-west of the kingdom has started
ACWA Power owns 51 per cent of the 5 GW Sirdarya combined cycle gas turbine facility, with Silk Road Fund obtaining a 49 per cent stake
The projects initiated will support Uzbekistan’s aim to diversify its energy mix, as it targets 8 GW and 12 GW of solar and wind capacity by 2026 and 2030, respectively
The facility would be powered by renewable energy and produce green energy products
ACWA Power earned an operating income before impairment loss and other expenses of SAR517m, which was 19.5 per cent higher than the same period in 2021
EFG Hermes has advised on other landmark listings such as ACWA Power’s offering on Tadawul and ADNOC Drilling’s milestone IPO on ADX
The kingdom’s sovereign wealth fund signed non-binding memorandums of understanding with five companies
The 950MW fourth phase of the Mohammed bin Rashid Al Maktoum Solar Park has investments totalling Dhs15.78bn based on the IPP model
The listing is one of the largest offerings in the kingdom since Saudi Aramco’s IPO in 2019
ACWA Power is now valued at $14.2bn, making it one of the biggest listed companies in Riyadh
Initial demand amounted to several billion dollars
The consortium is expected to increase job opportunities
The plant will start producing power in second half of 2022
According to the agreement with ACWA Power, Neutral Fuels biofuel is set to power the site’s entire transportation network
ACWA has proposed various projects in South Africa, from a coal-fired plant to a solar and battery project
The project was awarded to an ACWA Power led consortium
Azerbaijan plans to increase the share of clean energy in electricity generation to 30 per cent over the next decade
The sukuk will be used to help fund Acwa’s share of an $8bn acquisition of gasification and power assets at Jazan
The Solar Park project is the largest single-site solar power plant in the Middle East
The 2GW Al Dhafra Solar PV project is slated for completion in the second quarter of 2022
The company is in talks with local banks about the potential deal that would be denominated in Saudi riyals