Saudi Arabia’s PIF increases stake in ACWA Power

Facebook
Twitter
LinkedIn
Reddit
Email
The Sakkara solar farm in Saudi Arabia, built by ACWA Power. Image: ACWA Power.

Saudi Arabia’s Public Investment Fund (PIF) has raised its shareholding in renewable energy developer ACWA Power.

The sovereign wealth fund has taken its stake from 33.36% to 50% to ensure the Riyadh-based power company plays “an integral role” in developing the state-owned wealth fund’s renewable energy interests, it said.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

In a statement, the PIF said the increased stake would help to drive and diversify economic growth in Saudi Arabia.

The deal also comes several months after China’s Silk Road Fund completed the acquisition of a minority 49% stake in ACWA’s renewables arm, ACWA Power RenewCo.

ACWA currently has 58 power facilities in operation or under construction, with operational capacity of around 37.7GW of power. Around three quarters (74%) of ACWA’s assets under construction are dedicated to low carbon technology.

The two entities have worked together since 2013, when a subsidiary of PIF, Sanabil Direct Investments Company, bought a minority stake in ACWA. PIF made a direct investment in the group five years later.

Mohammad Abunayyan, chairman of ACWA, called the investment a “vote of confidence” in the group’s ability to expand its operations “without compromising environmental stewardship.”

“It is with much pleasure that we announce the closure of this key transaction for the mutual benefit of the Company, its shareholders and the Kingdom as a whole,” he said.

25 November 2025
Warsaw, Poland
Large Scale Solar Central and Eastern Europe continues to be the place to leverage a network that has been made over more than 10 years, to build critical partnerships to develop solar projects throughout the region.

Read Next

September 8, 2025
Euclid Power has raised US$20 million Series A round led by Venrock to develop AI-driven platform and services for renewables. 
September 8, 2025
ClearGen has entered into a US$150 million partnership with Davis Hill to build 245MW of community and commercial solar projects in the US.
September 5, 2025
During a week of major US clean energy developments, ContourGlobal, PSE, Arevon, and Ameren Missouri advanced solar projects across four states in the US.
September 5, 2025
Newly formed firm Solaris Assets has acquired the business operations and assets of Texas-based residential solar installer Sunnova.
September 4, 2025
ARENA has launched the second funding round of its AU$1 billion Solar Sunshot programme, making AU$150 million available.
September 3, 2025
US residential solar prices have remained at historic lows in the first half of the year despite market uncertainty and continued high interest rates.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines