ACWA Power expects AUM to double to $250B by 2030

Hesham Tashkandi, Regional Head of Projects at ACWA Power Co.

In an interview with Argaam on the sidelines of the Future Investment Initiative (FII), Tashkandi said he expects the company’s assets under management (AUM) to double to $250 billion by 2030, distributed across 15 countries, including Uzbekistan, China, and North Africa. He noted that the company is currently expanding in China and Central Asia, including Uzbekistan and Kazakhstan, with projects spanning 16 countries.

Tashkandi stated that the company manages 110 projects worldwide, including 39 in Saudi Arabia, adding that its investments cover renewable energy, green hydrogen, water desalination, and conventional gas-based power.

He indicated that 52% of ACWA Power’s generated capacity comes from renewable sources, while the company contributes to the water desalination sector with a total daily output of about nine million cubic meters, including around four million cubic meters within the Kingdom. In the green hydrogen project, production capacity amounts to around 600 tons per day.

The company’s portfolio includes projects in both the power and water sectors, with Saudi Arabia accounting for nearly 62% of total investments, he added, pointing out that ACWA Power represents about 70% of the renewable energy projects developed under the National Renewable Energy Program, supervised by the Energy Program and the Public Investment Fund (PIF), in addition to desalination projects inside and outside the Kingdom.