Image by Mike Setchell via Unsplash
Saudi Arabia’s ACWA Power plans to triple its assets under management to $250 billion within five years, driven by significant expansions in green hydrogen and renewable energy projects, according to a senior company official.
Chief Investment Officer Thomas Brostrom told Al Arabiya English that ACWA Power currently manages around $95 billion in assets and aims to grow that to $250 billion, with approximately half of this growth expected from projects within Saudi Arabia.
“We have a very ambitious growth plan,” Brostrom said during an interview at the Future Investment Initiative (FII) summit in Riyadh, where the company inked new agreements totaling over $1.78 billion. “You can feel the energy; it’s really bustling and sparkling,” he remarked of the summit atmosphere.
Among the newly signed deals, ACWA Power expanded its reach into Kuwait, China, Uzbekistan, and Morocco, furthering its commitment to renewable energy and green hydrogen. One significant development includes a new green hydrogen plant in Uzbekistan, expected to come online by late next year, ahead of a similar project in Saudi Arabia’s NEOM, set to launch by 2026. The NEOM plant represents an $8.3 billion investment, largely financed by 23 banks, and will generate over 4 gigawatts of renewable energy to power more than 2 gigawatts of green hydrogen.
Other notable agreements include a $690 million partnership with the National Bank of Kuwait (NBK) for future projects across Saudi Arabia, Kuwait, and new target markets. Additionally, ACWA Power committed to a deal with Gotion Power in Morocco to develop a 500-megawatt wind power plant that will supply energy to Gotion’s battery manufacturing facility, valued at approximately $800 million.
Rounding out its latest agreements, ACWA Power signed a cooperation pact with China’s Lujiazui Administration Bureau to establish a Shanghai-based research and development center for sustainable water and energy solutions across its portfolio.
Looking ahead, Brostrom shared that ACWA Power is also exploring potential expansions into Central Asia, Southeast Asia, China, and Africa.