ACWA Power reaches financial close for over 10 projects worth $14b

This is the largest-ever recorded in the company’s history.

Saudi Arabia-based Masdar has achieved the largest financial closure in the company’s history, reaching financial closure for 10 projects worth over $14b in the past 12 months.

In a statement, ACWA Power said these 10 projects are located in Saudi Arabia, Egypt and Uzbekistan across various portfolios including renewables, water desalination, and green hydrogen. 

“It demonstrates our agility, resilience, and unwavering commitment to creating a sustainable future for generations to come. It not only validates our expertise as a developer and operator of strategically vital projects but also speaks highly about the trust our investors and partners place in us,” ACWA Power Chief Financial Officer Abdulhameed Al Muhaidib said.

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The projects that reach financial close include the $8.5b NEOM Green Hydrogen Project which is the world’s largest utility-scale green hydrogen facility, and the Ar Rass solar PV and the Al Shuaibah 1 and Al Shuaibah 2 solar PV projects in Saudi Arabia.

Projects that also reached financial close were the Bash, Dzhankeldy and Nukus wind projects in Uzbekistan, the Kom Ombo solar project in Egypt, the Shuaibah 3 Independent Water Plant (IWP) and most recently the Rabigh 4 IWP in Yanbu, Saudi Arabia.