ACWA Power is said to have achieved the financial close for projects with a combined value of over US $14bn. The firm said it has had an exceptional 12-month period and notes the projects, which are spread across Saudi Arabia, Egypt and Uzbekistan are amongst the largest in the company’s history.

The projects sit across the breadth of ACWA Power’s project portfolio spanning renewables, water desalination and green hydrogen and include the $8.5bn NEOM Green Hydrogen project under construction in the Kingdom, which is said to be the world’s largest utility scale green hydrogen production facility.

“The past 12 months marks a historic milestone for us, as it represents the highest number of projects we have ever successfully achieved financial closure for within 12 months. 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,” said Abdulhameed Al Muhaidib, CFO of ACWA Power.

In addition to the NEOM Green Hydrogen project, ACWA Power said it also achieved financial closes of the Ar Rass solar PV and the Al Shuaibah 1 and Al Shuaibah 2 solar PV projects, which form a critical part of Saudi Arabia’s National Renewable Energy Program (NREP); three wind projects in Uzbekistan – Bash, Dzhankeldy and Nukus; the Kom Ombo solar project in Egypt; the Shuaibah 3 IWP, and most recently the Rabigh 4 IWP in Yanbu.

“The financial execution base shows the accelerated rate of development underway across countries when it comes to energy transition. We expect this to ramp up even further in the coming years as governments realise the additional economic benefits of changing their energy mix beyond the climate and environmental ones,” said Al Muhaidib.

The firm noted that financing for the projects has been sourced from several local and international financial institutions and infrastructure development funds, thus highlighting ACWA Power’s market credibility and innovative approach to financing, but also speaking to the growing appetite of institutions in supporting energy transition projects.

Over the coming months, ACWA Power said it will continue to pursue new opportunities and partnerships that align with this mission, to scale up its project footprint both within Saudi Arabia and globally.