ACWA Power, the Saudi-listed energy and desalination developer, plans to ramp up its annual capital deployment in new projects to $2–2.5 billion over the next five years, as part of a wider growth strategy aimed at tripling its assets under management to $250 billion by 2030, the company’s chief financial officer said.
The investment acceleration follows a 7.1 billion riyal ($1.9 billion) capital increase through a recently approved rights issue, which the company said is intended to reinforce its balance sheet and support expansion into priority sectors such as renewable energy, green hydrogen, and water desalination.
“This capital raise strengthens our financial foundation to support larger commitments in high-growth sectors,” said Abdul Hamid Al-Muhaidib, CFO of ACWA Power, in comments published by Saudi daily Al Eqtisadiah. “Compared with an annual contribution of around $1.3 billion in previous years, we now expect to allocate $2–2.5 billion annually to new projects through to 2030.”
The company, which is majority-owned by Saudi Arabia’s Public Investment Fund (PIF), is increasingly active in global markets including Southeast Asia, China, and across the Middle East and North Africa. In total, ACWA Power is targeting more than 175 gigawatts (GW) of power generation capacity and major growth in hydrogen output.
“In green hydrogen alone, we expect to produce one million tonnes annually from projects already under development, with an additional one million tonnes planned from new ventures before 2030,” Al-Muhaidib added.
The company’s expansion strategy comes amid rising global demand for low-carbon infrastructure, with Saudi Arabia positioning itself as a key global player in the clean energy transition. In June 2025, Zawya Projects reported that ACWA Power intends to allocate between 53% and 60% of its capital increase proceeds toward projects in the MENA region.
Founded in 2004, ACWA Power operates in over a dozen countries and is widely regarded as one of the world’s largest private-sector developers of power and desalination assets. It has emerged as a central pillar of Saudi Arabia’s Vision 2030 economic diversification plan and is a major backer of flagship projects including the NEOM Green Hydrogen Company.
