Acwa’s Chairman unveils global investment plans at WPC Energy Conference

Acwa Power Chairman Mohammad Abunayyan reaffirmed the group’s commitment to expanding its investments and overcoming operational challenges in major international markets, including China.

Speaking at the World Petroleum Congress (WPC Energy) in Riyadh, Abunayyan affirmed that the Ministry of Energy’s ecosystem and continued government support have strengthened the company’s regional and international competitiveness.

He added that renewable energy production costs in the Kingdom have become highly competitive by global standards. Abunayyan attributed this competitiveness to the adoption of advanced technologies, including round-the-clock solar power generation, which he described as a qualitative shift in the energy sector.

The chairman also highlighted progress in localizing industries and transferring knowledge, stating that local content, encompassing resources, knowledge, and expertise, accounts for approximately 90% of new projects.

Acwa recently achieved financial close for the Rabigh 2 Independent Power Plant expansion project. The financing totals SAR 9.69 billion.