“ACWA Power”: We aim to raise assets from $90 billion to $250 billion by 2030

Raad Al-Saadi, Vice Chairman and Managing Director of ACWA Power, Saudi Arabia, said that the announcement of increasing the company’s capital through the offering of priority shares with a value exceeding 7 billion riyals targets a major growth plan, indicating that the assets under the company’s management currently amount to 91 billion dollars, while it aims to It will reach $250 billion in 2030.

He said in an interview with “Al Arabiya Business” that the financial closure of three major projects for the production of solar photovoltaic energy, namely (Hadna, Al-Muwayh, and Al-Khushabi), which are located in the west and north of Saudi Arabia, with a production capacity of 2,000 megawatts, 2,000 megawatts, and 1,500 megawatts, respectively, will take place during the fourth quarter of this year.

He added that the three projects are owned by Aqua Power, Aramco Energy, and Badil Energy – one of the Public Investment Fund companies – according to their previously announced shares according to the National Renewable Energy Program.

He explained that two projects will be implemented in the Makkah Al-Mukarramah region, and the third project in the Al-Qassim region, and the construction period will be 28 months, and the project duration will be 25 years.

He stated that the geographic survey project launched by the Kingdom to monitor solar and wind energy sites in the Kingdom through 1,200 solar and wind energy monitoring stations will affect three factors, the first of which is reducing the risks for the manufacturer, the developer and the financier, which contributes to the speed of project implementation and reduces the tariff price.