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ACWA Power has signed a power purchase agreement with Indonesia's state-owned electricity utility for a 60 MW floating solar project in Indonesia. The project, named Saguling, is part of two projects agreed upon by the Saudi company with PLN at the end of 2022, with ACWA Power holding a 49% equity stake in both projects.The state-owned utility, PLN, will be the offtaker of power from the Saguling project. ACWA Power's chief investment officer, Thomas Brostrom, expressed excitement about the agreement, stating that this project is the first for ACWA Power in Indonesia and highlights the growth potential they see in the country. Additionally, ACWA Power is also partnering with PLN and PT Pupuk Indonesia on a green hydrogen project in Indonesia worth over USD 1 billion.Overall, ACWA Power's signing of the PPA for the Saguling floating solar project in Indonesia marks a significant step for the company's presence in the country. With plans for further projects and partnerships in Indonesia, ACWA Power is positioning itself as a key player in the renewable energy sector in Southeast Asia. What is ACWA Power's latest solar project in Indonesia with PLN? ACWA Power has signed a power purchase agreement with Indonesia's state-owned electricity utility for a 60 MW floating solar project named Saguling. The project is part of two projects agreed upon by ACWA Power with PLN at the end of 2022, with ACWA Power holding a 49% equity stake in both projects. The state-owned utility, PLN, will be the offtaker of power from the Saguling project. ACWA Power's chief investment officer, Thomas Brostrom, expressed excitement about the agreement, highlighting the growth potential they see in Indonesia. ACWA Power is also partnering with PLN and PT Pupuk Indonesia on a green hydrogen project in Indonesia worth over USD 1 billion. The signing of the PPA for the Saguling floating solar project marks a significant step for ACWA Power's presence in Indonesia, positioning the company as a key player in the renewable energy sector in Southeast Asia.

operator and power generation corporation, ACWA Power, has announced the signing of two power purchase agreements with Ethiopian Electric Power for the

ACWA Power Co., a Riyadh-based water and power services specialist, is planning to expand into China and other Asian markets starting in 2022. The move is part of the company’s global expansion plan and will focus on developing desalinization plants, along with power plants producing green hydrogen and renewable energy from solar and wind energy. Acwa is a key part of Saudi Arabia’s plans to neutralize its carbon emissions by 2060, but the company also has experience with oil and gas projects. In addition to expanding into Asia, the firm is also looking to build partnerships and establish operations in Europe and Saudi Arabia. CEO Marco Piero Arcelli took over the firm in 2021, after the retirement of Paddy Padmanathan who had served as CEO for 18 years. Following the news, Acwa shares rose 7.9% to a record high. What Plans Does ACWA Power Have for Asian Expansion? ACWA Power plans to focus on developing desalinization plants, along with power plants producing green hydrogen and renewable energy from solar and wind energy. The company has experience with oil and gas projects as well, and is looking to build partnerships and establish operations in Europe and Saudi Arabia. Acwa have ambitions to become one of the largest renewable energy companies in the world, and the Asian expansion is part of this goal. CEO Marco Piero Arcelli has said that their expansion into Asia will originate from China, with a team of experienced professionals who will help set up new projects in the region. Acwa is also looking into establishing joint ventures with regional partners in the Asian markets, in order to ensure a successful expansion. The firm is also in line with Saudi Arabia’s target to have carbon neutrality by 2060, and the expansion into Asia is a key part of that strategy.

renewables developer ACWA Power is to build a 2060MW solar plant in the country. In partnership with Water as well as Electricity Holding Company (Badeel), the

ACWA Power has been picked to construct two floating solar farms completing 110MW in Indonesia. The Saudi Arabian programmer as well as operator of power generation plants was selected by PT Perusahaan Listrik Negara (Persero), or PLN, Indonesia's sole state-owned electricity utility. The projects will certainly enable Indonesia to achieve its renewable resource target of 23% by 2025, under the country's National General Energy Plan. This marks ACWA Power's first move in the south-east Eastern country, as well as the company's initial floating solar PV projects in its portfolio. The Saguling Floating Solar PV project as well as Singkarak Floating Solar PV Project will certainly have a capacity of 60MW and 50MW, respectively. The pair represent a consolidated investment value of $105m. ACWA Power has a 49% equity stake in both projects, with the rest being held by Indonesia Power, a subsidiary of PLN. The offtake partner in these projects, PLN, controls, owns, as well as operates approximately 69% generation capacity in Indonesia. It is also the sole purchaser of electrical power produced by independent power plants in the country, consisting of electrical energy produced from renewable resource sources. Since completion of 2021, PLN controlled over 64.5 GW of generation capacity in Indonesia. As a following action, PLN and ACWA Power will certainly finalise the power purchase agreements for these projects. Clive Turton, Chief Investment Officer of ACWA Power, stated: "As one of the world's most populous nations, and also a major customer of standard energy sources, any action in Indonesia to mitigate greenhouse gas discharges will make a big impact in the worldwide fight against climate adjustment. " For firms like ACWA Power, that are intent on the energy change, this nation is an amazing market as there is government support, an understanding of worldwide challenges, substantial need and also an urgent demand to supply the nation's many locals. " As we mark our market entrance into Indonesia, we are committed to making a positive effect with our partners, off taker and also consumers.".

ACWA Power has signed deals to develop, construct, and operate three solar projects in Saudi Arabia with a total capacity of 5.5 GW. The projects, named Haden, Muwayh, and Al Khushaybi, will supply power to the national grid under power purchase agreements with the Saudi Power Procurement Company. The contracts are worth SAR 12.3 billion and have a 25-year term, with the plants expected to be operational by the first half of 2027.The solar plants will be located in the western and northern regions of Saudi Arabia and are part of the country's efforts to increase renewable energy capacity. ACWA Power's partner in the projects, Badeel, is owned by Saudi Arabia's Public Investment Fund. This announcement follows ACWA Power's recent financing for three other solar projects in the Kingdom, totaling 4.55 GW and costing USD 3.4 billion. What are the details of ACWA Power's latest solar projects in Saudi Arabia? ACWA Power has signed deals to develop, construct, and operate three solar projects in Saudi Arabia with a total capacity of 5.5 GW. The projects, named Haden, Muwayh, and Al Khushaybi, will supply power to the national grid under power purchase agreements with the Saudi Power Procurement Company. The contracts are worth SAR 12.3 billion and have a 25-year term, with the plants expected to be operational by the first half of 2027. The solar plants will be located in the western and northern regions of Saudi Arabia. ACWA Power's partner in the projects, Badeel, is owned by Saudi Arabia's Public Investment Fund. This announcement follows ACWA Power's recent financing for three other solar projects in the Kingdom, totaling 4.55 GW and costing USD 3.4 billion.  

ACWA Power CEO Paddy Padmanathan informs MEED: "If they say yes, then we are ready." ACWA Power recommended creating 2 1GW solar PV plants in 2019, according to a source with expertise of the jobs. The very first plant is prepared to be built in Saudi Arabia near the border with southerly Iraq, while the 2nd facility lies in Iraq. It is recognized ACWA Power recommended a toll of $0.0165 a kilowatt-hour (kWh) for the first plant and $0.065/ kWh for the second plant. Negotiations with the Iraqi Government were understood to be underway, specifically for the second plant's tariff, when the unrest started in October. Padmanathan declined to comment on the specific details of the recommended schemes. However, he claimed that the tasks become part of a 'government-to-government campaign'. Iraq's power generation capacity reached more than 18.5 GW in 2019, which is roughly 6GW brief compared to peak need. The country imports an average of 1,200 MW of electrical energy each year from Iran to augment supply. Building works are likewise ongoing for numerous projects to restore damaged plants and construct new capabilities. In early May, the United States authorized a 120-day waiver to allow Iraq to continue importing power from the Islamic Republic, which has actually been under renewed US permissions. On 3 June, Iran introduced it had signed a two-year contract to export electricity to Iraq in 2021. Repayment for half of the offer, equivalent to $400m, has been disbursed, Iran's main news agency Irna reported on 3 June. Iraq just recently designated Majid Mahdi Hantoush as the brand-new electrical power preacher, replacing Luay al-Khateeb.

power manufacturer ACWA Power and the Saudi Power Procurement Company (SPPC) have authorized a power acquisition contract (PPA) to establish a 700MW solar farm in

ACWA Power has secured $2.3 billion in debt financing for the construction of three large-scale solar projects in Saudi Arabia, with a combined capacity of 4.55 GW. The projects, Ar Raas 2, Saad 2, and Al Kahfah, will be located in the central and northern regions of the country, with a total investment cost of $3.4 billion.The funding was provided by a consortium of local, regional, and international banks, including Banque Saudi Fransi, Mizuho Bank, Riyad Bank, Saudi National Bank, Standard Chartered Bank, Saudi Awwal Bank, and HSBC. ACWA Power holds a majority stake of 50.1% in each project, with the remaining 49.9% owned by Badeel, a company owned by the Public Investment Fund.This announcement marks further progress in ACWA Power's solar ambitions in Saudi Arabia, following the successful operation of the 1.5-GW Sudair solar power plant earlier in 2024. The company continues to play a significant role in the development of renewable energy projects in the Kingdom. What banks provided $2.3 billion in debt financing for ACWA Power's Saudi solar projects? Banque Saudi Fransi Mizuho Bank Riyad Bank Saudi National Bank Standard Chartered Bank Saudi Awwal Bank HSBC

Arabia's ACWA Power Co has commenced commercial operations for its 200-MW solar photovoltaic project in the Tashkent region of Uzbekistan, known as the Riverside

ACWA Power has secured SAR 9.7 billion (USD 2.6 billion) in funding from a consortium of local and international banks for the construction of three large-scale solar power plants in Saudi Arabia, totaling 5.5 GW in capacity. The projects include the 2-GW Haden, 2-GW Muwayh, and 1.5-GW Al Khushaybi, which will be located in Makkah and Qassim Province.The financing agreements were signed by project companies Buraiq Renewable Energy, Moya Renewable Energy, and Nabah Renewable Energy, with ACWA Power holding a 35.1% stake in each. Major banks involved in the financing include HSBC, Emirates NBD, and Standard Chartered. The projects' levelized cost of energy (LCOE) is competitive, with Haden at USD 0.0158 per kWh and the others slightly higher. What are the key details of ACWA Power's solar project funding in Saudi Arabia? Here are the key details of ACWA Power's solar project funding in Saudi Arabia:- Total Funding Amount: ACWA Power has secured SAR 9.7 billion (approximately USD 2.6 billion).- Consortium: The funding comes from a consortium of both local and international banks, enhancing the project's financial backing and credibility.- Project Capacity: The planned solar power plants will collectively generate 5.5 gigawatts (GW) of renewable energy.- Specific Projects:- Haden Solar Project: 2 GW capacity, located in Makkah Province.- Muwayh Solar Project: 2 GW capacity, also situated in Makkah Province.- Al Khushaybi Solar Project: 1.5 GW capacity, located in Qassim Province.- Ownership Structure: ACWA Power maintains a 35.1% ownership stake in each of the three project companies that will execute the respective solar projects—Buraiq Renewable Energy, Moya Renewable Energy, and Nabah Renewable Energy.- Banking Partners: Significant financial institutions involved include HSBC, Emirates NBD, and Standard Chartered, ensuring diverse and robust financial support.- Levelized Cost of Energy (LCOE): The projects are expected to achieve a competitive LCOE, with Haden offering USD 0.0158 per kilowatt-hour (kWh), while the other projects have slightly higher costs.- Strategic Importance: This funding initiative aligns with Saudi Arabia's Vision 2030, which aims to diversify the energy mix and increase the country's reliance on renewable energy sources.- Timeline and Development: The projects are part of a larger strategy to rapidly expand solar capacity in Saudi Arabia, with construction timelines and operational dates expected to contribute to the immediate availability of renewable energy.- Technological Innovation: The solar plants are anticipated to employ cutting-edge technology to maximize efficiency and minimize environmental impact, solidifying Saudi Arabia’s position in the global renewable energy sector.- Employment Opportunities: The projects are expected to create significant job opportunities during the construction and operational phases, contributing to the local economy and workforce development.- Regulatory Support: The backing of the Saudi government through initiatives and policies supportive of renewable energy projects is crucial for the successful implementation and financing of these large-scale solar facilities.

ACWA Power has announced the commencement of commercial operations at the Al Shuaibah 2 solar photovoltaic plant in Saudi Arabia, boasting a capacity of over 2 GW. The Riyadh-based company confirmed that the Saudi Power Procurement Company (SPPC) has granted the Commercial Operation Certificate for all sections of the project, totaling 2,060 MW. Located approximately 80 km south of Jeddah in Makkah Province, the Al Shuaibah 2 plant follows the 600-MW Al Shuaibah 1 project, which went online in November 2024. Financial closure for both projects was achieved in 2023, with ACWA Power holding a 35.01% stake.The Al Shuaibah projects, valued at USD 2.37 billion, are co-owned by ACWA Power, the Public Investment Fund's subsidiary Badeel, and SPPC, which also serves as the power off-taker. ACWA Power's consortium partners include Badeel with a 34.99% interest and SPPC with a 30% shareholding. In addition to its solar ventures, ACWA Power has recently secured an agreement to develop a 2-GW wind project in Egypt, further expanding its renewable energy portfolio in the region. What are the key details of ACWA Power's Al Shuaibah 2 solar plant launch? Project Capacity and Location: The Al Shuaibah 2 solar photovoltaic plant has a capacity of over 2 GW and is located approximately 80 km south of Jeddah in Makkah Province, Saudi Arabia. Commercial Operations: The plant has commenced commercial operations, with the Saudi Power Procurement Company (SPPC) granting the Commercial Operation Certificate for all sections of the project, totaling 2,060 MW. Project Timeline: The Al Shuaibah 2 plant follows the 600-MW Al Shuaibah 1 project, which became operational in November 2024. Both projects reached financial closure in 2023. Ownership Structure: The Al Shuaibah projects are valued at USD 2.37 billion and are co-owned by ACWA Power, the Public Investment Fund's subsidiary Badeel, and SPPC. ACWA Power holds a 35.01% stake, Badeel has a 34.99% interest, and SPPC holds a 30% share. Power Off-taker: SPPC serves as the power off-taker for the Al Shuaibah projects, ensuring a stable demand for the electricity generated. Consortium Partners: ACWA Power's consortium partners for the project include Badeel and SPPC, highlighting a collaborative approach to renewable energy development in the region. Expansion in Renewable Energy: In addition to the Al Shuaibah solar projects, ACWA Power is expanding its renewable energy portfolio with a recent agreement to develop a 2-GW wind project in Egypt, demonstrating its commitment to diversifying energy sources in the region. Strategic Importance: The Al Shuaibah 2 solar plant is part of Saudi Arabia's broader strategy to increase its renewable energy capacity and reduce reliance on fossil fuels, aligning with the country's Vision 2030 goals. Economic and Environmental Impact: The project is expected to contribute significantly to the local economy by creating jobs and supporting sustainable development, while also reducing carbon emissions by providing clean energy.

Saudi Arabian power generator and also RE player ACWA Power Firm has actually introduced that it has actually authorized a Memorandum of Understanding to finance

ACWA Power said it has completed commissioning of the 2-GW Ar-Rass 2 solar power plant in Saudi Arabia, after receiving an initial commercial operation certificate for an additional 1,000 MW of capacity. The company, listed on Tadawul as 2082, said the milestone brings the project to full scale at 2,000 MW.The certification enables full commercial output from the 2,000-MW facility. The project advances Saudi Arabia’s renewable-energy buildout and adds to ACWA Power’s growing portfolio. Ar-Rass 2 reached this milestone after an additional 1,000 MW received an initial commercial operation certificate. ACWA Power is listed on Tadawul under ticker 2082. What are LCOE, PPA duration, and grid integration plans for Ar-Rass 2? LCOE/tariff: Not publicly disclosed for Ar-Rass 2. For context, recent Saudi utility-scale PV PPAs have cleared near 1.0–1.5 US¢/kWh. PPA duration: Market-standard tenor in Saudi utility PV is 25 years; the offtaker is typically SPPC under the National Renewable Energy Program. ACWA Power has not published different terms for Ar-Rass 2. Grid integration: Interconnection to the Saudi National Grid (National Grid SA) via high-voltage (typically 380 kV) substation and new transmission tie-lines, phased energization aligned with the plant’s staged commissioning, compliance with the Saudi Grid Code (voltage/frequency support, SCADA/telemetry), and curtailment/dispatch managed by the national control center; no co-located storage has been announced.

ACWA Power has achieved a significant milestone in Saudi Arabia's solar energy expansion by obtaining commercial-operation certificates for three major photovoltaic (PV) projects, adding 2.79 GW to the national grid. The projects include Ar Rass 2 in Qassim, SAAD 2, and the Al Kahfa project in Hail. Ar Rass 2 received certification for 1 GW of its 2-GW capacity, SAAD 2 reached its full 1,125-MW capacity, and Al Kahfa was certified for its full 1,425-MW capacity. ACWA Power holds a 50.1% stake in each project, which are designed to withstand harsh desert conditions.These developments come as Saudi Arabia intensifies its clean energy initiatives. In July, the Saudi Power Procurement Company signed seven renewable power purchase agreements (PPAs) with ACWA-led consortia, five of which are solar, totaling 15 GW. ACWA Power has also secured $2.6 billion in financing for a separate 5.5-GW solar tranche. The focus now shifts to operational ramp-up, including grid-code tuning and maintenance strategies. These projects are expected to significantly boost Saudi Arabia's installed PV capacity by 2025–2026, supporting the kingdom's climate and economic objectives by freeing hydrocarbons for export. How will ACWA Power's new PV projects impact Saudi Arabia's solar energy goals? Increased Solar Capacity: The addition of 2.79 GW from ACWA Power's projects significantly boosts Saudi Arabia's solar capacity, aligning with the country's Vision 2030 goals to diversify energy sources and reduce reliance on oil. Economic Diversification: By expanding its solar energy infrastructure, Saudi Arabia can reduce domestic oil consumption, allowing more hydrocarbons to be exported, thus enhancing economic diversification and revenue streams. Job Creation: The development and operation of these large-scale solar projects are likely to create numerous jobs in construction, maintenance, and operations, contributing to local employment and skill development. Technological Advancement: The projects incorporate advanced PV technology designed to withstand harsh desert conditions, positioning Saudi Arabia as a leader in solar technology adaptation and innovation. Environmental Impact: By increasing its renewable energy capacity, Saudi Arabia can significantly reduce its carbon footprint, contributing to global climate change mitigation efforts and improving air quality. Energy Security: Diversifying energy sources enhances Saudi Arabia's energy security, reducing vulnerability to oil market fluctuations and ensuring a stable, sustainable energy supply. Regional Leadership: Successful implementation of these projects positions Saudi Arabia as a leader in renewable energy within the Middle East, potentially influencing neighboring countries to adopt similar initiatives. Investment Attraction: Demonstrating commitment to renewable energy can attract further international investment in Saudi Arabia's energy sector, fostering economic growth and technological partnerships.