• 34 GW

    of power

  • 5.9 million M3 day

    of desalinated water


ACWA Power Projects formed in 2004, the forerunner of present day ACWA Power

Company History


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, Vision Invest (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.

Acwa Power Timeline

  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. ACWA Power, Mitsui & DIDIC Consortium win Salalah 2 IPP and acquires Dhofar Generating Company in Om

    ACWA Power Khalladi confirms final orders for its Wind Power Project in the North of Morocco

    ACWA Power Consortium led by Mitsui wins largest single tendered independent power project in Oman producing 3,219 MW

    Hassyan Energy Phase 1 reaches financial close on DEWA’s 2.4 GW Hassyan Clean Coal Project with signing of US$ 2.47 Billion financing

    ACWA Power Mafraq signs financial agreements for 60.3 MWp Solar PV IPP in Jordan

  14. H.H. Sheikh Mohammed bin Rashid Al Maktoum inaugurates 200 MW second phase of the Mohammed bin Rashid Al Maktoum Solar Park

    ACWA Power Agrees Risha Jordan PV deal with record-low tariff

    King Mohammed VI of Morocco launches the NOOR PV I Program in Ouarzazate

    Dubai to get Solar Power day and night without subsidy at lower cost than Gas-fired electricity

    ACWA Power awarded three Solar PV projects under Round 2 of Egypt FiT program II

    ACWA Power officially inaugurates Kirikkale Power Plant in Turkey

    ACWA Power Risha achieves financial close for 61.3 MWp Solar PV IPP in Jordan

  15. Achieves financial close of three solar PV projects in Egypt

    ACWA Power and Huawei roll out a centralised control & monitoring pilot project

    Named the first utility-scale generator to adopt SolarCoin

    Wins 300 MW SKAKA PV IPP, the first utility scale renewable energy plant under the Saudi National Renewables Energy Program.

    H.H. Sayyid Shihab bin Tariq al-Said inaugurates 445 MW Greenfield Salalah 2 IPP project in Oman

    H.H. Sheikh Mohammed bin Rashid Al Maktoum breaks ground on Noor Energy 1, the biggest Concentrated Solar Power project in the world

    ACWA Power-led consortium signs a number of agreements with Oman Power and Water Procurement Company to establish the Salalah Water Project

    His Royal Highness Crown Prince Al Hussein bin Abdullah II inaugurates 2.6 MW solar photovoltaic facility on King’s Academy campus

    ACWA Power and Energy China sign a memorandum for power and water desalination co-operation across the Middle East and Asia.

    Inauguration of 120 MW Khalladi Windfarm in Morocco

    The Public Investment Fund (PIF) of Saudi Arabia acquires 15.2% equity interest in ACWA Power, resulting in a total shareholding directly and indirectly of 24.98%.

    ACWA Power, Saudi Aramco, and Air Products sign a Term Sheet to form an over US$8 billion Gasification/Power joint venture in Saudi Arabia

    Commercial operation begins at Zarqa Combined-Cycle Power Plant in Jordan.

    ACWA Power, ECOHZ, and WOCAN partner to provide companies a tool to mitigate climate change and empower women through projects in Morocco and South Africa.

    ACWA Power’s Khalladi wind farm is first to qualify for the International Renewable Energy Certificate Standard

    ACWA Power-led consortium signs a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company for a gas-fired combined cycle plant in Egypt

    Noor Energy 1 expanded to include 250 MW of photovoltaic panels to generate a total of 950 MW

    Achieved financial closure of the c. SAR 1.2 billion Sakaka PV IPP

    King Salman bin Abdulaziz of Saudi Arabia breaks ground on Sakaka PV IPP

    ACWA Power, WOCAN, and ECOHZ witness the first utility transition of W+ from the NOORo Power plant in Morocco that empowers women

    Wins Rabigh 3 IWP, the world’s largest independent water desalination plant

  16. Shed light on solutions to solve the world’s energy and water challenges at Abu Dhabi Sustainability Week

    Partnered with MMEC Mannesmann to develop the ‘Sohar Calciner’ project in Oman

    Signed two MoUs with Silk Road Fund and Huawei to lay ground for collaboration in investments and technological advancements

    Signed financial agreements for Rabigh 3 IWP to generate 600,000 cubic meters a-day

    Opened 24% of Khalladi’s capital to SAHAM Assurances, a new institutional partner in Morocco

    Increased shareholding to 74% in RAWEC after buying all of Marubeni’s stake

    Hosted press conference with DEWA and Chinese partners for the financial closure of Noor Energy 1

    Signed strategic agreements with PowerChina, China Gezhouba Group Company (CGGC) and Bank of China during the second Belt and Road Forum

    Signed Oman’s largest utility-scale 500MWac Ibri-2 PV IPP with Gulf Investment Corporation and Alternative Energy Projects

    Won Best Natural Resource deal of the year at the EMEA Project Finance Awards for Sohar Calciner project in Oman

    Signed agreement with Silk Road Fund introducing it as a 49% shareholder in ACWA Power Renewable Energy Holding Ltd (RenewCo)

    Signed an MoU for new opportunities in cross-border interconnections and power grids with the National Grid Saudi Arabia and Chinese CET

    Achieved commercial operation of 50MWp Vinh Hao 6 PV IPP in Vietnam

    Inked agreements for a desalination plant in Umm Al Quwain with FEWA and Mubadala to produce 150 Million Imperial Gallons per day

    Inaugurated Shuaibah Expansion II IWP, the world’s fastest implemented water desalination plant

    Highlighted its role in the sustainable development of the energy and water sectors at WEC 2019 in Abu Dhabi

    Signed WPA with EWEC for Al Taweelah IWP – the world’s largest reverse osmosis desalination facility – which will produce 909,200 cubic meter of water a day

    Signed an MoU with Iraq Energy Institute to strengthen energy market research in the Republic of Iraq

    Received Climate Bonds Initiative certification for Renewable Energy Project Financing for Noor Energy 1 - making it the first certified project in the GCC region

    Inked MoU for 3,600 MW gas plant in Bangladesh

    Awarded two 125 MW (total capacity 250 MW) solar projects in first round of Ethiopia’s PPP programme

    Participated in WETEX 2019

    Signed the PPA for 200 MW Kom Ombo Plant in Egypt

    Launched a new company – NMES – with NOMAC to provide advanced maintenance solutions for power and water plants in the Middle East

    Achieved financial closure of the largest desalination plant in Umm Al Quwain

    Connected Sakaka PV IPP to the national grid and commenced initial production

    Established a new business unit, AIICO, dedicated to enhancing local content in Saudi Arabia

    Commenced commercial operations at Risha PV in Jordan

    Signed a 20-year PPA agreement for 250 MWac PV projects in Ethiopia

    Signed an MoU with SABIC for pursuing opportunities to enhance local content in the economy of the Kingdom of Saudi Arabia

  17. Expanded geographic print by entering the Azerbaijani market

    ACWA Power’s maiden 144a-regs ACWA 39 Bond secured investment grade (BBB-) rating from Fitch

    Signed an MoU with the Ministry of Housing and Egyptian Electricity Holding to develop Egypt’s sustainable water desalination sector

    Signed three milestone agreements with the Ministry of Energy of Uzbekistan

    Obtained the first ever “Sustainable Loan” qualification for a desalination project for Taweelah IWP

    Achieved financial closure for the largest solar photovoltaic power plant in Oman

    Contributed SAR 50 million to support Saudi national health efforts in combating the covid-19 pandemic

    Signed an agreement to build a fully equipped 100-bed mobile hospital in Al-Madinah Al Munawarah

    Contributed EGP 5.5 million to support Tahya Misr Fund’s efforts in combating covid-19

    Signed a PPA for the fifth phase of the world’s largest single site solar park with DEWA and a consortium led by ACWA Power and consisting of Gulf Investment Corporation

    Signed a water purchase agreement with the Saudi Water Partnership Company (SWPC) for a greenfield sea water reverse osmosis desalination project in Jubail

    Announced the completion of partnership over ACWA Power Renewable Energy Holding Ltd with Silk Road Fund

    Acquired 4.99% of Samsung C&T’s share in Hajr Electricity Production Company