ACWA Power

Industry News

ACWA Power Explores 4.5GW Mongolian Renewable Project for Power Exports to China

Saudi utility developer ACWA Power has signed a cooperation memorandum with Mongolia's Sun Step Power to assess a renewable energy venture targeting power exports to China. The initiative outlines a target generation capacity of 4.5GW alongside a 500MWh battery storage system. The agreement includes evaluating the development of wind, solar, and cross-border electricity transmission infrastructure.

Industry News

China’s Sinohydro and Elsewedy Win $2.2 Billion Saudi Gas Power Plant Contract

A joint venture between China's Sinohydro and Egypt's Elsewedy Electric has secured a $2.2 billion EPC contract for a 2.3-gigawatt gas-fired power plant in Saudi Arabia. The Rabigh 2 IPP expansion facility is backed by ACWA Power and Saudi Energy, with commercial operations planned for May 2029. Financing includes $2.58 billion in long-term debt backed by 14 lenders, including the Industrial and Commercial Bank of China.

Industry News

POWERCHINA, Elsewedy Electric and Sinohydro Sign EPC Deal for Saudi Rabigh 2 Project

A consortium comprising POWERCHINA, Elsewedy Electric, and Sinohydro has signed an EPC contract for Saudi Arabia's Rabigh 2 CCGT expansion project. The project will add approximately 2,400 MW of power generation capacity on Saudi Arabia's western coast. The milestone follows the recent financial close achieved by project developer ACWA Power.

Industry News

ACWA Power and Prolos Partner on China Renewable Energy and Storage Projects

Saudi developer ACWA Power has signed a strategic partnership framework with Prolos China to explore renewable energy investments across China. The initiative focuses on centralized wind power, photovoltaic solar installations, and energy storage assets. The agreement supports ACWA Power's broader target of deploying $30 billion in China by 2030 across green power, desalination, and green hydrogen.