Saudi Arabia ACWA Authority to Raise $1.9 Billion in Capital

ACWA Power is set to increase its capital by SR7.13 billion ($1.89 billion) as part of its strategy to triple assets under management by 2030.

The move, facilitated by the issuance of matching issues as per Tadawul’s statement, is intended to support the company’s growth trajectory while maintaining financial stability.

The initiative is consistent with ACWA Power’s core mission of providing reliable, cost-effective electricity and desalinated water, thereby supporting sustainable social and economic development in communities and nations.

ACWA Power also anticipates a significant increase in its average annual capital commitments from 2024 to 2030, with estimates ranging from $2 billion to $2.5 billion, up from the previous range of $1 billion to $1.3 billion.

In April, ACWA Power partnered with the International Renewable Energy Agency to accelerate the global adoption of clean energy sources. The cooperation aims to support investments in renewable energy infrastructure, green hydrogen technologies, solar resources, smart grids and energy-water links.