ACWA Power CEO: $30B in projects underway, production capacity up 50% in 2 years

Marco Arcelli, CEO of ACWA Power Co.

ACWA Power Co.’s projects currently under construction are valued at $30 billion, CEO Marco Arcelli stated.

In an interview with Al Arabia TV, Arcelli explained that the number of projects currently under construction is equivalent to all the projects the company has developed over the past ten years combined.

He added that ACWA Power increased its production capacity by 50% over the past two years, with 14.5 GW added to its portfolio last year, following 10 GW in the previous year. He also highlighted that 50% of the company’s energy production comes from renewable sources.

Arcelli noted significant progress in the water desalination sector last year, with an additional 400,000 cubic meters per day added to the company's portfolio. He also pointed out advancements in Azerbaijan, Senegal, and various projects in Saudi Arabia.

Looking ahead, the CEO expects 2025 to bring substantial portfolio growth, building on the current eight million cubic meters of water desalination capacity.

Regarding the green hydrogen project in NEOM, he stated that it is approximately 50% complete, with production expected to start by late 2026.

On the SAR 7 billion capital increase, Arcelli mentioned that the request is currently undergoing regulatory procedures, emphasizing that the goal is to support the company’s expansion.

In June 2024, ACWA Power’s board recommended a SAR 7.125 billion capital increase through a rights issue. The company submitted its request to the Capital Market Authority (CMA) in December 2024, data compiled by Argaam showed.