In the 21st century, the global economy is witnessing a decisive shift away from fossil fuels and toward renewable energy solutions. In the heart of this transformation stands Saudi Arabia, a country historically synonymous with oil—but now emerging as a future hub for green energy innovation. At the forefront of this bold transition lies ACWA Power, a company that is revolutionizing energy production and sustainability not just in the Kingdom but across borders.
Backed by the Public Investment Fund (PIF), ACWA Power has become a cornerstone in Saudi Arabia’s renewable energy ambitions. While many eyes are on futuristic cities and tech ventures, it is companies like ACWA Power that are literally powering Vision 2030’s transformation—one solar panel, wind turbine, and hydrogen molecule at a time
ACWA Power: A National Renewable Champion
Founded in 2004, ACWA Power (Arabian Company for Water and Power Development) has rapidly evolved from a local utility operator into a global leader in renewable energy, desalinated water, and green hydrogen. With more than 70 assets in operation, construction, or advanced development across 12 countries, ACWA Power now manages a portfolio exceeding $75 billion.
The company’s capabilities span:
- Solar PV and CSP (Concentrated Solar Power)
- Wind energy development
- Green hydrogen production
- Sea water desalination
- Energy storage solutions
But what truly sets ACWA Power apart is its ability to deliver complex energy projects at scale—with some of the world’s largest and most cost-effective renewable installations under its belt.
And behind this ambitious push is the strategic might of the Public Investment Fund (PIF).
PIF’s Strategic Stake: Investing in Long-Term Energy Sovereignty
The Public Investment Fund currently holds a substantial stake in ACWA Power, positioning it as a key architect of Saudi Arabia’s green energy transformation. This investment is not just financial—it’s philosophical and strategic.
With Vision 2030’s goal to reduce the Kingdom’s reliance on oil exports and generate 50% of its electricity from renewables by 2030, PIF identified ACWA Power as a national champion capable of delivering on this mandate.
By supporting ACWA Power’s growth, PIF ensures:
- The Kingdom can develop sovereign energy capacity beyond hydrocarbons.
- Local expertise is built in solar, wind, and hydrogen technologies.
- Saudi Arabia becomes a global player in renewable energy exports.
- The domestic energy market becomes more efficient, resilient, and sustainable.
This is energy policy made tangible—via an ambitious utility player with global reach.
Flagship Projects: Solar, Hydrogen, and Beyond
ACWA Power’s portfolio is packed with mega-projects that are reshaping the region’s energy infrastructure. These aren’t symbolic initiatives; they are utility-scale projects designed to meet the needs of millions while drastically reducing emissions.
1. Sudair Solar PV Plant
- One of the largest single-site solar PV plants in the world.
- Located in Sudair Industrial City, this facility will produce 1.5 GW of clean energy.
- Expected to power 185,000 homes and offset 2.9 million tons of CO2 annually.
As a PIF-backed initiative, Sudair is central to the National Renewable Energy Program and a benchmark for large-scale solar efficiency.
2. NEOM Green Hydrogen Project
In a joint venture with NEOM and Air Products, ACWA Power is co-developing the world’s largest green hydrogen plant.
- Powered entirely by renewable energy (wind and solar).
- Will produce 650 tons of hydrogen per day by 2026.
- Supports zero-emission fuel for global transport and industry.
This project alone places Saudi Arabia at the epicenter of the global green hydrogen economy, aligning with the Kingdom’s ambition to export clean fuels worldwide.
3. Red Sea Utilities Project
- Provides 100% renewable energy for the Red Sea Global tourism zone.
- Includes solar PV, battery storage, and desalination infrastructure.
- Ensures carbon-neutral operations for an entire luxury tourism destination.
This integration of clean energy and eco-tourism signals a new standard for future developments in the Kingdom.
Driving Technological and Human Capital Growth
With PIF’s support, ACWA Power is not just deploying hardware—it is developing the intellectual and technological ecosystem required to sustain green energy growth.
Key efforts include:
- Knowledge transfer partnerships with global tech leaders.
- R&D investments in solar efficiency, energy storage, and green hydrogen.
- Training programs to upskill Saudi engineers, operators, and technicians.
- Establishment of localized manufacturing and supply chain hubs.
This ensures that Saudi Arabia isn’t merely buying technology—but becoming a producer, innovator, and exporter of energy solutions for the world.
Global Impact: Exporting Clean Power Expertise
While the company is based in Saudi Arabia, ACWA Power operates in dozens of countries across the Middle East, Africa, Central Asia, and Southeast Asia. Its global footprint includes projects in:
- Egypt (Benban Solar Park)
- South Africa (Bokpoort CSP)
- Uzbekistan (wind and gas hybrid plants)
- Jordan (solar and desalination)
- Morocco (Noor CSP complex)
This broad international portfolio positions ACWA Power—and by extension, PIF—as a global energy player, exporting renewable energy know-how and financing models to fast-growing economies.
Sustainability at Scale: Delivering ESG Goals
In addition to driving renewable infrastructure, ACWA Power embodies the principles of Environmental, Social, and Governance (ESG).
Environmental
- Projects reduce millions of tons of CO2 annually.
- Employ zero-carbon desalination technologies.
- Promote biodiversity preservation in project zones.
Social
- Generate thousands of jobs in underserved regions.
- Prioritize community engagement and local partnerships.
- Provide access to affordable, clean water in arid regions.
Governance
- Implements best-in-class corporate governance practices.
- Ensures transparency and accountability in PIF-backed investments.
- Aligns operations with both international ESG frameworks and Vision 2030 values.
This commitment makes ACWA Power not just a utility provider—but a model for responsible development in the Global South.
Pre-Conclusion: A Quiet Energy Revolution
While NEOM, Qiddiya, and The Line capture headlines, ACWA Power is engineering the energy foundation upon which these dreams are built.
Its work is not flashy, but fundamental:
- It ensures that future cities have power.
- It creates clean fuels for future industries.
- It guarantees water for millions through desalination.
- It trains the next generation of engineers and developers.
In other words, ACWA Power is quietly powering the Kingdom’s future—with full backing from PIF.
This makes it one of the most strategically important—and underappreciated—components of Saudi Arabia’s transformation story.
Its legacy will be measured not only in gigawatts but in lives improved, emissions avoided, and opportunities unlocked.
Conclusion
Saudi Arabia’s journey toward a diversified, green, and globally integrated economy is complex. It involves infrastructure, innovation, regulation, and vision. But at the heart of it all lies a simple truth: no transformation is possible without energy.
And thanks to PIF’s strategic investment in ACWA Power, the Kingdom now possesses the tools to make that energy clean, abundant, and independent of hydrocarbons.
Whether it’s solar fields that stretch to the horizon, wind farms that power remote communities, or hydrogen plants that lead the world, ACWA Power is making renewable energy real, scalable, and sovereign.
As the world grapples with climate urgency and energy instability, Saudi Arabia—once the face of oil—may soon become the face of sustainable energy leadership.
Through ACWA Power, PIF is not just investing in infrastructure—it is investing in the future of energy itself.
