Scaling New Markets

ACWA Power is leading the energy transition, and now more than ever, is scaling up its global expansion through innovation, ambition, new technology, hiring the right talent and building on its most valuable resource—people.

• Making a mark with the expansion into new markets.

• Creating ecosystems of change through flagship events and sponsorships to strategic conferences.
• Empowering and celebrating the leaders of tomorrow through curated learning and development programmes.

For over 20 years, innovation has fuelled our rise to global leadership, spotlighting affordable alternatives to power life on earth. As we conclude the first quarter of 2025, we reflect on a period marked by significant achievements and growth. From expanding into new markets and building new international partnerships, to celebrating key recognitions, the last three months have been transformational—laying a great foundation for the implementation of our strategy 2.0. Innovation is woven into our business model and Q1 underscores our commitment towards a just energy transition.

We started the year strong with our entry into the Chinese market – a significant milestone in our portfolio, one which reaffirms our position as a preferred partner for growth.

ACWA Power enters the Chinese market

Innovation is the driving force behind the energy transition, and ACWA Power is taking bold steps to shape the future of energy and water solutions. Aligned with our Strategy 2.0, ACWA Power's recent entry into China with over 1 GW of renewable energy projects, and the launch of our first overseas Innovation Centre in Shanghai, strengthens our presence in one of the world’s most dynamic energy markets.

China plays an important role in the conversation around renewable energy and sustainability, and their approach to this global energy shift influences efforts to combat climate change. As we expand our portfolio, are pleased to announce the appointment of Saleh Al-Khabti as President of ACWA Power, China. Under his experience and guidance, we look forward to shaping the next phase of our journey in the Chinese market.

ACWA Power is developing a 132 MW solar PV portfolio in Guangdong with Sungrow Renewables, while our collaboration with Mingyang Smart Energy will bring 200 MW of wind power. Additionally, our first overseas Innovation Centre in Shanghai will foster collaboration with Gulf Renewable Laboratory and Shanghai Jiao Tong University (SJTU), accelerating research and real-world solutions for a sustainable future.

Strategic collaborations across Europe and Central Asia

By leveraging our expertise in power and water solutions, we continue to deliver infrastructure that supports economic growth and environmental sustainability.

Recently, ACWA Power signed strategic MoUs with four prominent Italian organisations. These agreements were signed during the visit of the Italian Prime Minister to Saudi Arabia, and aim to foster collaboration across project finance, insurance, energy generation, and water desalination technologies. The MoUs were signed with Cassa Depositi e Prestiti (CDP), De Nora, SACE, and Ansaldo Energia, driving finance, water treatment, and energy infrastructure. A USD 100 million line of credit with SACE, will support green projects in Africa and Central Asia, with further collaboration on trade and investment. Advancing its hydrogen leadership, ACWA Power and SEFE partner to deliver 200,000 tonnes of green hydrogen annually to Germany and Europe by 2030.

Aligned with our mission to expand renewable energy and water solutions in the Global South, and accelerating decarbonising efforts, we have partnered with UEM LESTRA to conduct a feasibility study for independent water and renewable power facilities in Malaysia.

Strengthening our position in the Middle East and North Africa

ACWA Power strategically expanded its footprint by acquiring stakes from ENGIE in Kuwait and Bahrain, totalling USD 693 million. This acquisition includes 4.61 GW of gas-fired power generation and 1.11 million m³/day of water desalination capacity, marking our entry into the Kuwaiti market, and strengthening our presence in Bahrain.

In Egypt, our 1.1 GW Suez Wind Farm, in partnership with HAU Energy, has reached financial close, securing USD 703.6 million in financing. As the largest single-contracted wind project in the Middle East, the project will cut CO₂ emissions by 1.1 million tonnes annually, and will support the Egyptian government in achieving its target of increasing the share of renewable energy in its electricity generation mix to 42% by 2040.

To drive progress, fostering meaningful collaborations and partnerships are essential. Through our commitment to clean energy, and our strong relationship with our external stakeholders, ACWA Power hosted and participated in many regional and international conferences, furthering the discussion on climate action and creating ecosystems of innovation and ideation with the international energy community.

1. Innovation Days 2025

Under the esteemed patronage of the Ministry of Energy, Saudi Arabia and in its third consecutive year, Innovation Days 2025 brought together visionary leaders, experts, researchers, and policymakers to drive forward the next era of energy innovation.  These events facilitated knowledge exchange all under the powerful theme of "Innovate for Impact". The event was held at The Garage, in collaboration with the King Abdulaziz City for Science and Technology (KACST), Research, Development, Innovation Authority (RDIA), King Abdullah City for Atomic and Renewable Energy (K.A. CARE) and King Abdullah University of Science and Technology (KAUST).

2. Sustainability and Carbon Offsetting event

This ACWA Power-owned flagship event  held in  Riyadh, was an exclusive gathering of regulators, industry leaders, and experts committed to advancing Saudi Arabia’s energy transition. With a strong CSR and sustainability agenda, ACWA Power is furthering the Kingdom’s Vision 2030 goals.

3. Connecting Hydrogen MENA 2025

Held in Dubai, UAE, ACWA Power was a strategic partner for the conference which brought together industry leaders to discuss the potential and scale for the development of green hydrogen in the MENA region, and the world. We participated in key panel discussions, and with the ACWA Power Youth Council, co-hosted a panel discussion for emerging voices in the energy landscape. Watch the full video here.

4. Leadership sessions

As we continue to accelerate our growth and expand our portfolio, we are approaching capital markets, exploring more alternative investment solutions to finance large-scale projects. Our Chief Financial Officer, Abdulhameed Al Muhaidib, was a key speaker at the Capital Markets Forum in Riyadh and FII PRIORITY in Miami, where he discussed the future of climate finance and potential challenges for investors.

Achieving progress is only possible when we collectively work towards a common goal and ambition. Our people, across functions, share the same drive towards making a change and reversing the negative impact of climate change, and being recognised for this is extremely rewarding.

Awards and recognition

This quarter has been one for recognitions and accolades. ACWA Power won key industry awards, while our leaders also received individual recognitions for their work in sustainability, renewable energy and innovation.

• Marco Arcelli, CEO: Energy Transition Trailblazer of the Year Award, Hydrogen Future Awards.
• Driss Berraho, Executive Vice President, Business Development, Green Hydrogen: Outstanding Contribution, Hydrogen Future Awards.
• Sarah Al Harthey, Executive Manager- Business Development China: Women Future Energy Leader of the Year Award, Hydrogen Future Awards.
• Thomas Altmann, Executive Vice President of Innovation and New Technology: Distinguished Chief Innovation Officer Award, Global Innovation Summit.

You can find the complete list of ACWA Power company recognitions, here.

Learning and development

Involving the youth in the changing energy landscape is paramount, as it is their creative inventions and innovative ideas that will help design a new and sustainable future. ACWA Power, aligned with Vision 2030, has always been a strong advocate for local talent development and the upskilling of young minds.

Continuing from our learning and development initiatives from last year, in Q1 we celebrated the graduates from these dynamic programmes, through our first commencement ceremony. The event honoured individuals from our 2024 Executive Leadership Transformation Programme (ELT), Leadership Acceleration Programme (LAP), and the Graduate Development Programme (GDP). With a focus on upskilling our people and preparing them to be leaders of tomorrow, ACWA Power’s in-house educational programmes and those in partnership with international organisations, like the International Institute for Management Development (IMD), Hult International Business School, EF Corporate Learning and Business Consulting and Services (BTS), help turn potential into impact.

It is no secret that our people are at the heart of our achievements. For us, innovation is not just a word, but a way of life. Our recent “Innovators and Disruptors” film spotlighted our experts who are the driving force behind our success. This year, ACWA Power was an official partner for UNESCO’s World Engineering Day 2025, and through this collaboration, we showcased our driven, talented engineers and experts working at the Red Sea Project. They shared key insights into what it is like to work on site, in-between all the action.

Encouraging innovation-driven thinking

In order to create collaborative ecosystems of change, ACWA Power, periodically hosts innovation-driven contests to spark creativity and challenge people to think beyond boundaries—transforming bold ideas into real-world solutions. In partnership with the European Desalination Society, the Miriam Balaban innovation award, sponsored by ACWA Power, invites students, innovators, thought leaders and experts to share their creative solutions in the field of desalination, sustainable energy and circular economy processes.

With decades of experience and an unparalleled contribution to the field, Miriam Balaban has been a driving force in advancing research and solutions in energy efficient water practices. Contest winners will be announced at the upcoming "Desalination for the Environment - Clean Water and Energy" event taking place this April, in Porto, Portugal. Watch our exclusive interview with her and learn more about our partnership.

ACWA Power is committed to giving back to the countries in which we operate. Our strong Corporate Social Responsibility (CSR) module focuses on several areas, including education, health, environmental stewardship and social welfare, all aligned with our commitment to sustainable development.

Did you know? ACWA Power, in line with Vision 2030, contributes to the national - “Saudi Green Initiative”. We are committed to planting 1 million trees by 2030. ACWA Power has already distributed 200,000 trees in Saudi Arabia, contributing to the Kingdom's sustainability targets. Learn more.

Looking ahead

The first quarter of 2025 has not only been busy, but it has also been incredibly successful. We remain focused in our mission towards providing power and water reliably and responsibly, ensuring everyone has access to the essentials of life. As we enter a new quarter, we look forward to our participation in upcoming events and towards building more strategic ties towards furthering renewable energy, green hydrogen and water security ambitions.