RIYADH: Saudi utility firm ACWA Power is set to increase its capital by SR7.13 billion ($1.89 billion) as part of its strategy to triple assets under management by 2030.
This move, facilitated through the issuance of right issues as per a Tadawul statement, is aimed at supporting the company’s growth trajectory while maintaining financial stability.
The initiative aligns with ACWA Power’s core mission of providing reliable, cost-effective electricity and desalinated water, thereby fostering sustainable social and economic development in communities and nations.
In conjunction with these growth aspirations, ACWA Power anticipates a substantial rise in its average annual equity commitment between 2024 and 2030, with estimates ranging between $2 billion and $2.5 billion, up from the previous range of $1 billion to $1.3 billion.
In April, ACWA Power entered into a partnership with the International Renewable Energy Agency to accelerate the global adoption of clean energy sources. The collaboration aims to advance renewable energy infrastructure investment, green hydrogen technologies, solar resources, smart grids, and the nexus between energy and water.
Under the terms of the agreement, ACWA Power and IRENA will explore avenues to mobilize finance for eco-conscious energy projects and support the development, storage, distribution, transmission, and consumption of renewables.
Furthermore, collaborative workshops and seminars will be organized to exchange best practices, enhance skills, and raise awareness of the energy transition, particularly among youth, professionals, and the public, leveraging IRENA’s platforms and programs.
ACWA Power CEO Marco Arcelli emphasized the significance of the partnership with IRENA, stating that it marks a pivotal milestone in the company’s journey toward a sustainable energy future.
