Sector News

Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company has been awarded a SAR 1.72 billion contract from National Water Company for long-term operation and maintenance works at Sewage Treatment Plants in Al Ahsa City. Under the 15-year …

Riyadh – Mubasher: ACWA Power Company received an equity bridge loan from the Bank of China at a value of $80 million to finance its Tashkent 200MW Solar PV and 500MWh BESS in Uzbekistan. The equity bridge loan consists of two tranches, 50% in RMB …

Riyadh – Mubasher: The Capital Market Authority (CMA)greenlighted the request of ACWA Power Company to increase its capital from SAR 7.31 billion to SAR 7.32 billion. The Saudi firm will issue one bonus share for every 500 existing shares, …

Riyadh – Mubasher: ACWA Power Company announced that its subsidiary Sirdarya CCGT Independent Power Project (IPP) started partial commercial operation in Uzbekistan. Sirdarya added 461 megawatts (MW) to its power capacity in the Uzbekistani plant, …

Riyadh – Mubasher: WESCOA and Saudi Transformers Company, a subsidiary of Electrical Industries Company (EIC), penned agreements valued at SAR 158 million with Saudi Electricity Company (SEC). The subsidiary will supply electrical equipment to SEC …

Riyadh – Mubasher: ACWA Power Company has signed a SAR 3 billion water purchase agreement with the Ministry of Water and Sanitation of Senegal and the Senegalese Company of Water (Sones) for the construction of a desalination plant in Dakar. The …

Riyadh – Mubasher: ACWA Power Company has announced that it received a notice on 21st March 2024 of a leak in the hot molten salt tank related to the Noor 3 CSP IPP solar power project. The preliminary analysis of the situation showed a forced …

Riyadh – Mubasher: ACWA Power Company obtained a commercial operation certificate from the Emirates Water and Electricity Company (EWEC) for the remaining 75,920 cubic meters (m3)/day of Group 1 project that started operating on 9 June 2022. Abu …

Riyadh – Mubasher: National Gas and Industrialization Company (GASCO) recorded a 6.17% year-on-year (YoY) increase in net profit to SAR 227.30 million in 2023 from SAR 214.10 million. The company’s revenues grew 18.16% YoY to SAR 2.45 billion last …

Riyadh – Mubasher: The net profit of Power and Water Utility Company for Jubail and Yanbu (Marafiq) dropped 37.82% YoY to SAR 525.79 million in 2023 from SAR 845.65 million a year earlier. The company’s revenues shrank 1.78% YoY to SAR 6.38 …

Riyadh – Mubasher: Saudi Electricity Company (SEC) reported a 32.28% year-on-year (YoY) drop in consolidated net profit after tax to SAR 10.24 billion in 2023 from SAR 15.13 billion a year earlier. The company’s revenues grew 4.51% YoY to SAR …

Riyadh – Mubasher: ACWA Power Company posted an annual growth of 7.90% in net profit to SAR 1.66 billion as of 31 December 2023, compared to SAR 1.54 billion. Revenues jumped by 15.52% to SAR 6.09 billion in 2023 from SAR 5.27 billion a year …

Riyadh – Mubasher: Moody's Investors Service has affirmed the 'A1' ratings of Saudi Basic Industries Corporation (SABIC), Saudi Telecom Company (stc) and Saudi Electricity Company (SEC), and the 'Baa1' rating of Saudi Arabian Mining Company …

Mubasher: ACWA Power Company secured a loan worth $2.30 billion (SAR 8.60 billion) for three of its solar power projects on 14 February. The funding will be provided over 27.75 years by a consortium of local, regional, and international banks, …

Riyadh – Mubasher: Natural Gas Distribution Company has appointed Abdul Rahman bin Abdulaziz bin Sulaiman as the new Chairman for three years effective 5 February 2024. The company also announced Abdul Latif bin Omar Al Abdul Latif as the Vice …

Riyadh – Mubasher: Saudi Electricity Company (SEC) has named Najem Abduallah Alzaid as the Chairman of the board for four years. Raed Naser Alrayes was announced as the Deputy Chairman, according to a bourse filing. The two officials assumed their …

Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company will establish a limited liability company based in the capital of Saudi Arabia, Riyadh, upon approval granted on 21 January 2024. The new business will be set up under the name …

Riyadh – Mubasher: Alkhorayef Water and Power Technologies Company announced two contract awards with the National Water Company at an aggregated value of SAR 214.79 million. The first deal is valued at SAR 102.19 million and covers the …

Mubasher: Egypt’s New and Renewable Energy Authority (NREA) has signed a wind energy agreement valued at $1.50 billion with a consortium led by ACWA Power Company and Hassan Allam Utilities. The 1.1-gigawatt (GW) wind energy project will be …

Riyadh – Mubasher: The Saudi Power Procurement Company (SPPC) granted ACWA Power Company a commercial operation certificate of Group 3 of the Sudair Solar Photovoltaic Project in Saudi Arabia. The complete plant achieved commercial operation with …

Riyadh – Mubasher: ACWA Power Company received a letter from Al Rajhi Holding Group, a major shareholder of the listed firm, indicating its intention to transfer a portion of its shares in an internal transaction, according to a bourse filing. Al …

Riyadh – Mubasher: ACWA Power Company penned a framework agreement for a green hydrogen project in Egypt with an investment above $4 billion, according to a press release. The first phase of the project has an annual capacity of 600,000 tonnes of …

Riyadh – Mubasher: ACWA Power Company signed a power purchase agreement for South Africa's largest hybrid dispatchable renewable energy project, according to a press release. ACWA Power Project DAO is a 150 megawatts (MW) dispatchable renewable …