ACWA Power has completed a rights issue valued at SAR 7.13 billion ($1.9 billion). The company stated that 96.2% of the new shares were subscribed during the offering period. The remaining shares were placed through a rump offering, which was oversubscribed by 592%. Most of the shares in this stage were allocated to international investors, who accounted for 97% of the demand.
The proceeds will support ACWA Power’s plans to expand its energy, water desalination, and green hydrogen projects. According to the company, it aims to grow its assets under management from $7 billion currently to $250 billion by 2030. Funds will also be allocated to mergers and acquisitions that align with the existing business structure.
ACWA Power’s current renewable energy activities include several projects across different countries. In Saudi Arabia, the company is involved in the development of the Sudair Solar PV Plant. This project has a planned capacity of 1,500 megawatts (MW) and is expected to generate electricity for thousands of homes. The facility also features a 30.8 MW battery energy storage component, which helps regulate electricity supply.
In Uzbekistan, ACWA Power is constructing a wind energy project in Nukus with a capacity of 100 MW. This plant is part of a larger renewable energy drive in the country.
In Morocco, the company operates Noor Energy 1, a hybrid concentrated solar power (CSP) and photovoltaic (PV) project. The plant combines thermal storage technology and solar panels to deliver electricity continuously, even without sunlight. Noor Energy 1 has an installed capacity of 200 MW from PV and an additional 150 MW from CSP.
ACWA Power has also signed memorandums of understanding with multiple companies in Europe to explore the export of green hydrogen and renewable electricity from Saudi Arabia. These agreements include partnerships with firms from France, Germany, and Italy.
