The project will cover an area of 420,000 square meters and is designed to reduce the carbon footprint of the energy-intensive cement industry while supporting Saudi Arabia’s Vision 2030 renewable energy objectives.
The platform is expected to enable scalability, transparency, and increased liquidity in carbon markets, meeting the needs of institutional buyers and sellers alike
ACWA Power’s power generation capabilities have expanded by 2.4 GW in 2024, with 2.2 GW of projects achieving partial or full commercial operations within the first nine months
The FEED studies by GE Vernova targeted up to 32% by volume hydrogen blending with natural gas and identified potential modifications to the power generation assets
Designed as an off-grid renewable energy system, the facility will include a 250 MW solar photovoltaic plant, a 700 MWh battery energy storage system, and transmission and distribution infrastructure
The first agreement, valued at $690 million, is a financing arrangement with the National Bank of Kuwait (NBK), that will support ACWA Power’s project pipeline in Saudi Arabia, Kuwait, and other key markets
