• 22+ GW

    of power

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  • 2.5 million M3 day

    of desalinated water

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Company History

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In 2002, the Government of the Kingdom of Saudi Arabia decided to increase the role the private sector played in the Saudi economy by opening up the production of electricity and desalinated water to the private sector to own and operate.

Recognizing the opportunity that this significant shift in policy offered, ACWA Holding (representing the Abunayyan Trading Company and Abdulkadir Al Muhaidib & Sons Co.) along with the MADA Group for Industrial and Commercial Development (MADA Group) formed a joint venture under the name of ACWA Power Projects in 2004. The latter was the forerunner of present day ACWA Power, which was subsequently founded in 2008.

  1. ACWA Power Projects formed in 2004 – the forerunner of present day ACWA Power
  2. Successful bids for Shuaibah IWPP & Petro-Rabigh IWSPP in Saudi Arabia shortly after formation
  3. Achieved Financial Close of Shuaibah IWPP and PetroRabigh IWSPP, Saudi Arabia
    Successful bids for Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia
  4. ACWA Power added Shuaibah Expansion IWP, Saudi Arabia
    Achieved Financial close of Shuqaiq IWPP and Marafiq IWPP, Saudi Arabia
  5. ACWA Power formed with c. USD 800 Mn capital
    Bowarege IWPP and Petro-Rabigh IWSPP commence commercial operations
  6. Successfully bid and achieved Financial Close of Rabigh IPP, Saudi Arabia
  7. Barka 1 IWPP completely integrated into ACWA Power portfolio
  8. Signed the PPA for Hajr IPP, Saudi Arabia
    Closed acquisition of CEGCO, Jordan
    Signed a joint development agreement for the Kirikkale CCGT IPP, Turkey
    Inaugural Corporate Murabaha Facility (USD 300 Mn) closed
  9. Achieved Financial Close for Hajr IPP, Saudi Arabia
    Increased the effective stake in CEGCO, Jordan
    Acquired a 42% controlling stake in Karadzhalovo PV IPP, Bulgaria
    Signed WPA for the Phase 1 Expansion of Barka 1 IWPP’s water desalination capacity by 10 MIGD, Oman
    Increased effective shareholding in NOMAC by 35%
  10. Achieved financial close and began construction of Hajr IPP, Saudi Arabia
    Rabigh IPP commences commercial operations, Saudi Arabia
    Succesful bid for Al Mourjan IPP, Saudi Arabia
    ACWA Power closes its second Corporate Murabaha Facility of SAR 1.775 Bn
  11. Commenced construction for Bokpoort CSP IPP, South Africa
    Commenced construction for NOORo I in Ouarzazate, Morocco
    Acquired Bioservis Benesov (BSB), Waste 2 Energy (W2E) plant, Czech Republic
    Commenced construction for Al Mourjan IPP, Saudi Arabia
  12. Successful bid for Shuaa Energy PV IPP in Dubai, UAE
    Successful bid for Salalah 2 IPP, Oman
    Achieved financial close of NOORo II CSP IPP and NOORo III CSP IPP, Morocco
    Achieved Financial Close for Shuaa Energy 1 PV IPP, UAE
    Commence construction of Salalah 2 IPP and integrated Dhofar Generating Company, Oman
  13. Commenced Operations of Bokpoort CSP IPP, South Africa
    Commenced Operations of NOORo I CSP IPP, Morocco
    Signed Investment Agreement for Nam Dinh 1 Thermal IPP, Vietnam
    Signed a 25 year PPA for Hussein CCGT IPP, Jordan
    Acquired Sunrise Solar Energy (Mafraq PV IPP), Jordan
    Awarded Hassyan Clean Coal IPP in Dubai, UAE